If it walks like a duck, quacks like duck? Oh yes it’s most definitely a duck.
So, we understand your enthusiasm with wanting to invest in real estate. I mean, who wouldn’t want to jump right in and go for gold? However, be careful how high, how quick, or whether you jump at all, lest you jump and crash your pocket and bank account to a state of oblivion. Believe it or not, these things happen, it never hits home till it happens to you, especially with a big score of financial investment.
So how to spot the bull-crap from a mile away when a real estate investment offering sounds, smells, and seems to good to be true? Yea all senses need to be utilized to keep your radar up.
Let’s breeze through some:
Omonile land, cheapest lands owned by some supposed “Royal Family”? Well, if they’re referring to the English Royal Family, then yeah. Seriously guys, we’re not even going to dignify this cold turkey anymore. Every Tom, Dick and Hariah knows that buying land from Omonile fellas is staging and setting yourself up for failure from the get-go. Infact the very minute you get in touch with these guys, your peace of mind begone. Never mind if they say the land is owned and being sold to you from the Alaafin of Oyo’s family. Don’t play yourself.
Oh, this land comes with 15 verified documents, all verified and intact: One of the biggest scams (and longest running) deals with document forgery. There are still those that will forge documents to make it look like they own a piece of property when they don’t. And, these people often ask for cash from the buyer who later finds out that he has been scammed when he’s kicked off the land by the property owner.
Imagine an unused, empty lot of land, with the actual owner say living out of the country. If the owners never visit the property, what is stopping a scammer from posting the listing online and trying to sell the property to you?
You will never get the deed/title to the property, but you will be asked to provide payment.
There have been cases where scammers have duplicated title deeds of vacant or disputed projects and sold them to innocent buyers. “By the time the fraud is detected, the scammer is far out of sight, counting the wads of money he has made.
A false deed may even be forged and handed over to you. The issue is that land may be an investment someone is holding, and the owner may not visit the property for years. If you fall into this scam, you may even think you own the land and may start utilizing it before finding out you have been conned.
The best way to fight back against this fraud is to do your due diligence. Find out who owns the land by going to the Lagos Land Registry in Alausa, Ikeja and verify that the seller of the land actually owns the property you want to buy. Save yourself the hassle of falling a victim to fraudsters by transacting with trusted real estate professionals and reputable real estate investment companies.If the seller is rushing you to buy the property right this moment in cash, chances are that something is amiss.
This listing reads: This house will blow your mind, as it’s got EVERYTHING you can possibly imagine (Misrepresented Property Listings): Statistics show that 9 out of 10 people will look online first for real estate before going to see a home in person. Problem is, with some of these sites, there’ll be homes for sale, but when you arrive, you’re not at the same home that you saw in the listing.
Usually, you’ll be told the property is no longer available, and that’s why you’re at the current property. When you enter the home, you’ll find out that it’s more expensive, may be smaller, or needs a lot of work. The short way to remedy this problem is to never waste your time with a property that was misrepresented from the start. This is the time to take a walk.
Make a quick initial deposit, we’ll take care of everything else (The deposit trap)
Fraudsters are usually after your first deposit since they are not patient enough to wait for the entire amount. They will scout for a piece of land that has been idle for a while and advertise it at a ridiculously discounted price. However, once you deposit the money into their account, the disappear into thin air.
One way of avoiding this, is by using an escrow system. This is where, instead of the seller transferring money directly to the buyer, he or she hands the money to a third party, usually a lawyer. The full amount is given to the seller only after the title deed has been processed and bears the buyer’s name.
Come learn the secrets of investing in real estate that no one will tell you, make millions overnight from this exclusive seminar offering!!!(Phony Seminars): You’ve been invited to a seminar where you may even be promised a free gift to attend. The seminar intends to teach you about the world of real estate investing, and the initial offer sounds so good that you wouldn’t dare pass it up.
There are two things that can happen here:
– You’ll need to pay more for insider secrets and another seminar that will show you how to profit off of land.
– You’ll be pushed into a hot investment opportunity to buy land, but you need to take advantage of it now before someone else does.
Unfortunately, these seminars are mirage operations that will steal your money without you learning any proven investment techniques or owning property that you paid for legally.
Okay, these smelly sticky situations are by no means the exhaustive list of bogus real estate offerings that might be pushed your way with sprinkles of: You snooze you lose. It’s going to sound, feel and look so legit it might take a hot slap on your cheek for you to do a double take and realize the conman’s imprint all over it. You know how those con men usually referred to as “One Chancers” allegedly put their victims in a trance to go get all their valuable possessions to them? Yea, it might feel like that.
However, be guided by the 3 holy grail laws of real estate investment:
Never rush, never hurry, trust your gut for starters
Do your due diligence
Work with only trusted real estate experts, for finishers
Now that these real-diculous phony schemes have been ratted out, what’s standing in the way of you and smart, safe, profitable real estate investments? Get started today: 08186554455