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Housing Market Scams - What to Look Out For

There have been many scams in the housing market, and yet, there is another one to be wary of. In this scam, scammers are advertising homes they don’t even own for rent.

Reporter: Single Mom Financial Help

Email: news@momseveryday.com

This article, entitled Housing Market Scam- What to look out for comes from SingleMomFinancialHelp.com.

There have been many scams in the housing market, and yet, there is another one to be wary of. In this scam, scammers are advertising homes they don’t even own for rent.

Many of these scams can be filed as “too good to be true”. The scammers are taking empty or foreclosed properties and are putting them on sale. They advertise the house as very cheap, maybe only $850, a month. Here’s the catch: they ask for a deposit before they supposedly hand you a key.

Ever since the housing market crash and all the unemployment flood, these options do seem quite good, and which is why many people are falling into the trap.

Here are the ways in which the scammers pose their deal:

The scammers find a house or property that has been listed for foreclosure that is sold my a real agent.

First they post an ad on websites like craigslist or the like to attract people to their offer. They usually change up the listing and say that it is for rents instead of for sale.

The person interested in the house emails the scammer and says that they are interested

The scammer responds by asking for a deposit before they can send over the keys, but the renter never receives the keys.

You may possibly be in for a scam if you notice any of these:

- The person you are buying from does not let you see inside the property or says they cannot give you a tour

- The price is “too good to be true” and way below the market value

- The person interested is asked to wire the money to somewhere overseas

- The communication seems a little edgy

- There are for sale signs on the property instead of for rent

How to outsmart the smart scammers:

- Ask the seller to meet you at the house for a tour

- Give them the money in persona and ask for the keys right away

- Talk to them over the phone to get a sense of the legitimacy

- Talk to real estate companies about the house

So to avoid these numerous scams in the housing market, be smart. Make sure you are checking out every detail before you make such a big investment.

For more information please visit www.singlemomfinancialhelp.com/

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