While these are the 4 most common
scams, it's certainly not an extensive list of the scams doing the rounds in
Australia’s real estate market.
Here’s a few other scams you need to
keep your eyes open for:
Overseas buying scams: It is hard
enough to get your due diligence right in a familiar culture, let alone in a
foreign country with a foreign residential property market. You may be tempted
to buy that run-down home in Sicily, which is worth a car space in Sydney, but
if something seems too good to be true, it generally is.
Bait and switch scams: A prospective
buyer will make an offer on a home that's much higher than market value,
agreeing to pay after a designated amount of time, but once the period ends,
the buyer asks to extend. When the second wait is over, the buyer comes up with
an explanation of why the initial offer won't work. Frustrated and eager to
complete the purchase, the seller agrees to a lower price.
Phishing scams: Here, a scammer hacks a
legitimate business or businessperson (such as a real estate agent) and then
steals sensitive personal information from their clients. Confidential
information, such as online banking logins, credit card details, business login
credentials, or passwords/passphrases are at risk from these criminals.
Superannuation scams: These scams offer
to free up your super fund in order to buy real estate. Early superannuation
access is illegal, so scammers often coerce you into agreeing to a fraudulent
story to release the fund. Once the money is available, the culprit will take exorbitant
fees or even leave you with nothing at all.
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Jason Gwerder
Thursday, 23 May 2024
