Buying property can be a complex, and sometimes dangerous process. In this article, we will talk about how to avoid scams when buying a property in TN. If you are not experienced in real estate, buying your first property can be very risky. Since the real estate business is huge, there are many amazing professionals, and there are scammers. However, over time it has become very difficult to recognize the bad companies and people in the business when you’re buying a property in the US. That’s why you need to be well-prepared when you buy a home. For that reason, we arranged a couple of tips on how to avoid scams when buying property in TN, so hopefully, you can have a smooth and safe purchase.
Facts About Real Estate Scams
Yes, there are many reasons to buy a property in Tennessee. However, there are chances to get scammed here, like everywhere else in the country.
Even though you might think this won’t happen to you, you should be aware of the facts related to real estate fraud. In previous years, millions of dollars were involved in purchase transactions that were connected to fraudulent accounts. In 2017, it was almost $1 billion.
Fake bank accounts and email scammers
The most common way the frauds happen is by hackers accessing the information from the real estate agent or the real estate company. After closely monitoring all the buyers and their purchases, they aim to those who pay in cash. Then, after taking the identity of the real estate agent (similar name, email address, logo, etc.) they contact the buyer and send them their own instruction for making a wired payment. After that, everything happens very fast. After the money becomes wired, it’s difficult to stop it, and even when it does happen, it’s not certain that the buyer can get all the money back.
How to avoid scams when buying a property in TN when it comes to the transaction? Be sure to:
- Be very careful and detailed about the contact information you get from your real estate agent or an individual you buy the property from – especially if you are buying a house remotely.
- Check every letter and number, and report if any changes happen in the transaction details.
- It’s essential to recognize any emails or texts that rush you into making the payment. No matter how tired or busy you are, don’t be distracted in these final steps of the home purchase.
- And finally, before you make the payment, call the agent or the company and check the details once again, by phone. This way, you’ll make sure you’re not dealing with email scammers.
Open house scams
One of the most terrifying real estate scammers is people coming to a fake open house. After they publish an open house posting (that doesn’t exist), they try to scam people to give out their private info and come to the house. The best version possible – you get scammed for money. This type of fraud can be extremely dangerous, so be sure to know how to avoid it.
How to know if an open house post is fake? Well, when it comes to visiting homes, you need to always be suspicious. After you get some information from a real estate agent, check other sources to find them, too. Be sure to look them up online and check if their name is correct/real. Also, try to find their phone number and make a call. Make sure you’re dealing with a trustworthy agent before you give out any information and make a visit. And finally, browse homes for sale on trusted websites, so you are sure the house really exists.
Other tips on how to avoid scams when buying a property in TN
In general buying, a property (and even renting one) involves a lot of money. That’s why you need to be very careful and follow these tips as well:
- avoid urgent payments
- don’t make large deposit payments
- insist on a written agreement – One of the great things about Tennessee is that its law requires a written agreement for all the foreclosure rescue services.
- deal with the mortgage problems in the right way and on time – be sure to call your mortgage servicer on time, so you can solve the problem with a repayment plan or loan modifications.
- don’t wait if you become victimized – time is everything in these situations. If you suspect you’ve been a victim of a real estate scam, call your bank immediately.
Moving to Tennessee?
After making sure you can avoid scams when buying a property in TN, the time has come to purchase your dream house and call Tennessee your new home. After a secure purchase, your move should be stress-free and easy. Here are some tips on how to move to TN quickly and smoothly.
- you can buy everything in TN – so you don’t need to bring anything when moving. Downsizing your home has a lot of benefits – it gives you more space in your new house, saves time packing and reduces the moving costs.
- hire a local moving company – a professional moving company that knows the TN area well can help you relocate anywhere in Tennessee. Also, be sure to avoid moving scams, too.
- follow your moving schedule – preparing a moving plan in advance can help you a lot with the organization.
- prepare your kids for the move – changes are difficult for everyone, so be sure to prepare your kids for moving, and tell them about all the great things you can do in Tennessee.
As you can see, it can be easy to avoid scams when buying a property in TN if you are cautious and well-prepared. The most important thing is to stay safe and not to rush things. Think carefully through every step you make and you’ll be calling TN your home in no time!