There’s no way around it; someone is always trying to harm innocent bystanders. This is even true for shoppers who are looking to buy their first home, a new home for their family, or their retirement property. Scammers run rampant and are looking for ways to wreak havoc on innocent buyers who’ve worked relentlessly and are putting their savings into buying a new home. So, how can you avoid falling victim to these scams, and how do you protect yourself when shopping for luxury properties"
Know the Scams
A major scam which was going around in the past couple of years involved is an email scam for a “quick closing.” Scammers list luxurious properties and send emails to interested buyers informing them they could close the deal within a week, for a much lower asking price than the property is worth. Innocent buyers, especially older individuals who don’t keep up with news stories, fall victim to these scams daily. The scam involved having the potential “buyer” send a wire transfer to the company to get the process rolling. This is just one of the many scams which are circumventing the real estate market. As a buyer, if it looks too good to be true, and if the price is too low for the luxurious listing, think twice (or three times) before wiring funds or providing account information. Understand Email Communications
Following up on the previous point, it is important for buyers of luxurious properties to know who they are dealing ...