Buying or selling a home is a huge deal, probably one of the biggest financial transactions you’ll ever make. And while most real estate agents in Farmington Hills are honest and hardworking, there are always a few bad apples out there. You need to be aware of potential scams so you can protect yourself. It’s all about knowing the signs.
Scams You Need to be Aware of
What I’m talking about might be known or not, but there are scams when buying or selling. Knowing them will save you time and money and avoid mind clutter. There are 2 of them, each listed below:
- Phantom Listing
- Inflated Price Promise
The “Phantom Listing” Scam
The name says it all. This type of deal happens when a supposed “agent” lists a property that doesn’t actually exist, isn’t for sale, or isn’t theirs to sell. They do this to collect your information, get a deposit, or lure you into a different, less desirable deal. Always independently verify the agent’s credentials and the property’s existence.
The “Inflated Price” Promise
Some dishonest agents might try to win your business by promising an unrealistically high sale price for your home. They might sound like the best, with many promises and no guarantees. This tactic is to get you to sign a listing agreement, after which they may pressure you to lower the price repeatedly.
Protecting Yourself From Such Scams – Things That You Should Know
When it comes to scams, one of the best things to do is prevent them altogether. Here are the best ways:
- Dual Agency
- Pressure Tactic
The “Dual Agency” Shenanigans
Dual agency, which means an agent represents both the buyer and the seller, may come with complications. In reality, they are not working for two parties—they are working for one. It’s legal in Michigan but can create a serious conflict of interest.
Make sure you understand who the agent is really working for.
Pressure and Rush Tactics – Buy It Before The Offer Goes Away
A good agent will give you time to make decisions. If an agent is pressuring you to sign anything quickly or to accept an offer you’re not comfortable with, that’s a major red flag. Don’t fall for it. You’re the one doing this!
Realtor Tom Gilliam-RE/MAX Classic – A Farmington Hills Realtor You Can Trust
Buying or selling a home is a big step. I want you to find a good realtor who can guide you. So, how do you trust a realtor Farmington Hills MI, when it comes to the right one for you? Realtor Tom Gilliam will be a great choice!