Anyone looking to buy low cost property is going to do well in picking up bay area investment property. However, you’ll want to keep your eyes peeled for scams when purchasing low priced homes. These scams can be easy to avoid if you know a little bit about real estate and practice a few common sense precautions.
One kind of deal to keep an eye out for is the simultaneous closing. Many title companies find it hard to keep track of who is purchasing the property as what point when investors use these closing methods and can simply reject the deal. Luckily, there are other ways to close deals like assigning a contract on your property. Another problem to watch out for are deals in which the con artists get false appraisals of homes to increase or lower their value.
Those pretending to be other investors, the homeowners, and even lenders have all engaged in this common scam. The buyer gets stuck with a property that they paid too much for and can’t get their money back on in resale. A simple way to keep from being conned on this scam is to get your own comparison values on this home or have it appraised by your own appraiser. Finding the market value of the home will be easy when you look at the selling prices of other similar properties in your area.
A lot of new investors or homebuyers are drawn in by these scams. You may get a phone call or invitation from a company hosting a free real estate seminar with food. The company offering this seminar may call you with a chance to register using your name, address, number and they may even ask for your social security number. Free seminars are common but the person registering you for this seminar may ask for private information which you should never give out.
When the con artists get the investor’s social they will use it to determine which attendees will be able to take out large home loans. Those attendees found with great credit will be convinced at the seminar to take out a loan on a home that the con artists claim is worth more than its selling for. The investor that falls for this scam will end up buying a home with a mortgage for more than it’s worth and partners who disappear with the remaining cash. Make sure you see that bay area investment property before buying and do get your own market value comparison.
This way when you invest in bay area investment property you’ll save your money and end up being more successful in the long run. If you avoid giving out your private information, perform your own research and confirm the market value of property you’ll have a higher chance of success. Get your own mortgage from a lender of your choice when using them to invest in property.
More investment ideas are waiting for you to check out my services on bay area investment property deals.
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