Kisumu real estates scams and how to avoid them

Kisumu real estates scams and how to avoid them

The foremost rule of real estate: when a deal sounds too good to be true, then it almost certainly is.

Just like many big industries, the property sectors magnetize its share of scammers and fraudsters hoping to con renters and buyer out of their hard earned cash. Good news is that now there are ways in which you can use to safeguard yourself from such fraudulent act of quack properties fraudsters.

To assist you identify the swindlers, here are some derelict of the most common Kisumu real estates scams plus advices on how to avoid getting swindled off your hard earned money.

Title fraud:

This type of fraud in Kisumu real estates can be really shocking. In essence it’s a form of identity theft whereby a scammer masquerades as the real owner of the property hence use counterfeit documents to transfer properties in His/ Her name. After this they then get a new mortgage against particular property, take the cash for themselves then leaves the property owner answerable for the compensations.

How to avoid this scam:

  • Secure your personal data accordingly and never at anytime give your personal information to unknown source of people.
  • Inquire about home insurance providers about title insurance, which company within Kisumu County provides the policy against this type of fraud.

Loan crooks and predatory lending:

Inexperience home buyers, elderly, low income earners are in most cases the victims in this kind of fraud. In predatory lending, home loan swindlers take huge advantage of the most defenseless by tricking and tantalizing them to apply and sign up for mortgages with excessive fees and outrageous interest rates. Majority of people who are tricked into paying more than they can afford, normally risk loosing their homes forever and even get tainted with bad credit ratings.

How to avoid this scam:

  • Be very keen not to be fooled into signing any bad deal, do your research thoroughly about the lenders.
  • Do not allow anyone to lure you into lending more money than you had in mind, or more than you can be able to pay back in time. Just set a budget and do not exceed it.
  • You are always free to report anyone you suspect of employing greedy kind of lending to the authorities.

Request of personal information:

This is very common with sales people who have aired all the contacts on the internet in search of clients, you find someone calling you from abroad the make inquiries about buying or renting a property that you have listed.  Often they request your personal details or banking information, which is used to steal your identity hence rob money from your bank account.

How to avoid this scam:

  • Do not give out your credit verification code to anyone that you don’t know on the internet.
  • Do not give out your bank details or personal information to strangers over the internet.

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