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5 tips to avoid fraud when buying a home

Buying a house is a very important decision, not only because of the long-term expense it represents, but also because it is possible to fall into fraud or mistakes that could ruin this special moment.

We invite you to recognize the most common signs of real estate fraud. Pay close attention and avoid scams!

1. It is impossible to communicate with the seller

You should always be able to contact the property owner. This is important to both the buyer, who needs to know if the seller is trustworthy; as for the owner, in order to know directly the person to whom he will grant his property.

2. You cannot locate the real estate offices

Another common sign of fraud appears when the real estate company cannot verify their tax address or ensures that they do not have offices at that time. To be sure that you are dealing with a safe and legal real estate agency, we recommend that you check its registration in front of the Federal Consumer Prosecutor’s Office (Profeco).

3. The cost of the property is extremely low

If according to the area and the characteristics of the property, the price of the house is below the average, it may be due both to real estate fraud and to problems with the structure or the legal situation of the property. Never forget to check the market prices of the area where the home of your interest is located.

4. You found an ad with little information

False ads from real estate fraudsters are also common. To identify them, check that the ad has the necessary information, or make sure that it is not an ad copied from a real one and that false images or information are being used.

5. The seller asks for money before signing the contract

When the seller requests personal and bank information —or requests an advance deposit as a condition for setting aside the property — it is surely a real estate fraud. Avoid providing this type of information or doing paperwork before formally contacting the seller.

To prevent this type of problem, we invite you to consult with experts. At Yave , the first 100% digital mortgage in Mexico, you can obtain a mortgage loan to finance your purchase, with the assurance that they will advise you at any time and help you identify any problem with the property.

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