Buyers are relocating across the country for work. After a week in their destination state, they’ve nailed down favorite neighborhoods and home styles. Back at home, while perusing online real estate sites, they discover that their dream home just listed. The buyers immediately call the listing agent who says, “Better hurry up with an offer! It will sell fast!” Not wanting to miss out, they put in a solid offer that is immediately accepted and rely on the agent to attend inspections. All power is given to an unknown agent. This happens more than you think.
The buyers fly out to see the house as soon as they can, but after the inspection period is over, after all contingencies are removed, or after it closes. What they find is not close to what was advertised. The buyers are out thousands, tens of thousands, or hundreds of thousands of dollars. They become victims of online scams, deed fraud, misleading photos and descriptions, and their own trusting nature.
In today’s real estate market, the rise of sophisticated cyber scams, fraudulent misrepresentations and unregulated agent acts make it more crucial than ever to exercise caution when purchasing a home. Here’s why you should never buy property without seeing it in person:
- Online Scams: AI can create realistic listings that do not exist. Sophisticated scammers can get you to give up your savings as earnest money for these non-existent homes. Deepfake videos show scammers touring homes that are completely AI generated.
- Deed Fraud: Scammers impersonate property owners selling their homes as “for sale by owner” but these scammers do not own the property. Only by entering the home in person would you discover the fraud.
- Misleading Photos and Descriptions: Images can easily be manipulated to conceal flaws or make spaces appear larger. Image angles can hide backyard powerlines and neighboring light towers. Descriptions can omit important yet unfavorable conditions or add nonexistent assets.
- Noises and Odors. Only by visiting a property in person will you know about the neighbor’s six barking dogs and his outdoor chain-smoking cigar habit.
Avoid falling victim to scams and representations by insisting on an in-person visit before money is spent. Verify the identity of the seller and his right to sell the property. Always use trusted real estate professionals.