Of the things that you have to beware of in real estate, one of the situations that could hurt you is a real estate scam.
One such scam has affected residents in Franklin, according to police. In this case, an alleged realtor has been asking for a $50 gift card when applying for a particular rental property, which is usually promoted on a classified ad site. The properties are being listed at only $600 a month.
Once the application is approved, the realtor then asks for $1,200 upfront. So far, several people have reached out to the alleged realtor, but no one has exchanged money.
While it’s normal for rental properties to come with an application fee and for potential residents to pay a deposit and the first month of rent upfront, there are many situations that may not be as straightforward as a renter would believe. For example, not seeing the property first is a bad sign, as is paying in cash or in another way that isn’t able to be traced.
In the world of real estate, it’s best always to be cautious, whether you’re a buyer, seller or renter. There are always scams that look to steal money from hardworking individuals like yourself.
What should you do if you believe you’re being scammed over a piece of real estate?
If you believe you’re involved in a scam, make sure you reach out to the authorities and your attorney so that you can find out more about what a real estate transaction should involve and if this case is unusual.