Bling is the thing when you realize that you’ve fallen for real estate scams. But, unfortunately, they are everywhere, and you have to take precautions to avoid getting in trouble.
Whether you are searching for apartments for rent in Kuwait, apartments for rent in Salmiya, or apartments for rent in Salwa, you need to know how to check homes before renting.
But when it comes to buying or refinancing the mortgage on a home or looking for financing programs in Kuwait, the last thing you want to get involved in is being scammed.
Unfortunately, real estate scams are at an all-time high.
Don’t worry about it anymore. We’ve come up with several tips to tell you if you want to protect yourself against any possible frauds and what you should watch for.
Real Estate Scams in Kuwait
Real estate is a tricky but lucrative business. Home sales contribute much to any country’s economy, generating more revenues and enhancing the investment status. Although real estate is an investment opportunity, buying a home can be difficult for many people. In fact, it can be pretty risky if you don’t do your research first. At this point, you might realize why scammers target real estate buyers to take advantage of them. Scammers will deceive buyers by selling false information about a property’s location or the price tag. Then after concluding a deal after that, these buyers find out that their homes are in terrible condition.
Unfortunately, many buyers take scammers at their word and lose money.
We will provide you with some ways scammers use to find their targets.
1- Fake Listing and Information on Social Media
Scammers typically use photographs taken from other listings in their rental advertising, which they publish on websites or social media.
You will have to pay a down payment by fraudsters who have no link to the property or its owner for you to see it or hold it as a deposit.
They’re simply out to make a buck, and they frequently succeed.
To be honest, renting scams are on the rise. Rental-listing scams are so common that they have their section on specific sites.
There’s no such thing as a scam on the Sakan platform. Indeed, we verify every transaction to ensure the accuracy of all the information posted. Then we double-check for your protection.
2- Overpriced Real Estate Units
You might be in a rush to purchase your dream home. So, once you find it, you will be glad to communicate with the author of the ads to know the availability to conclude the deal.
No, it would help if you took your time before making any decision. And don’t get fooled by presentation skills. Time is key. So, when you find a seller pushing you toward paying for something, you don’t know what it’s exactly, where it is, and when you can see it, please run!
Any seller should host you to be his guest to check the property before giving your word to buy his offering.
3- Personating
Unfortunately, scams are getting more creative in targeting consumers. Criminals become more professional when personating a talented salesperson. He would persuade you to get this unmissable home.
For first-time buyers, searching for perfect homes can be intimidating, and they want to end this dilemma. But you shouldn’t be. There are scams, and you are most likely to come across them. So don’t trust anyone who calls you. Instead, contact the company he presents and investigate him thoroughly before providing any valuable information.
4- Business Emails Hacks
It works like this:
Your escrow funds are being requested through email, phone call, or text from someone claiming to be from the title or escrow company.
It’s common for fraudsters to build up fake websites that seem like they belong to the title or financing firm you’re dealing with.
Scammers use spoofing techniques to make phone numbers, websites, and email addresses seem to be well-known and trusted.
The problem is that one number or character is commonly missing in these circumstances.
If you follow the wiring instructions blindly and think everything is OK, you might become the newest escrow scam victim.
The con artists? It seems like they’ve taken the money out of an offshore account and are sailing off into the sunset with it.
While you’re at it, there are just a few options for returning it.
5- Buying Unstructured Property
Many projects have been launched recently, and it might take time to be ready to welcome its residents. But unfortunately, some common real estate scams are to convince customers to buy a unit in an unreal project, claiming that the building will be finished after a couple of years.
You will wait for it for good, and nothing will happen because you have chosen the wrong company to trust.
How to Avoid Real Estate Scams
Anyone selling real Estate can fall victim to a scam— especially if they have access to large sums of money or are promoting an expensive property like an apartment complex or townhome cluster.
Agents should watch out for potential scammers and avoid contacting buyers through direct messages on real estate websites and social media unless they know how to process payments online first.
Further, buyers should always keep close tabs on their properties after purchasing them by regularly inspecting for any signs of damage and disrepair and filing any required reports with local authorities.
While it is impossible to protect yourself from all risks, there are a few steps you can prevent you from becoming a victim of a real estate scam.
First, be sure to do your research before any major decisions are made. This step should include checking the property in person, talking to neighbours, and consulting with a professional. Second, always use a licensed and reputable real estate agent.
Third, be wary of any offers that seem too good to be a real deal. If something looks too good to be real, it is most likely just a scam.
Finally, trust your gut instinct. If something doesn’t feel right, walk away. Real estate scams can be devastating, but by taking some simple precautions, you can avoid becoming a victim.
If you need help finding your dream home in Kuwait, don’t hesitate to contact us. We have an endless list of trusted properties that will meet your needs. In addition, we keep an eye on every ad to ensure there aren’t any scammers.
