When you’re selling your home, there are a lot of things to keep in mind. You have to make sure your home is clean and staged well, keep up with the market trends, and be prepared for potential buyers who might come through. But one thing you don’t want to worry about is getting scammed by an unscrupulous real estate agent. Things will go much more smoothly if you know what to look out for. To help you avoid being taken advantage of, here are five common scams that real estate agents may try to pull when selling your home:
Undisclosed Fees
Some real estate agents will try to sneak in undisclosed fees or hidden costs during the sale of your home. The scam agents usually don’t make these fees clear until they have already gotten your signature on the dotted line. Be sure to read all the paperwork closely and ask any questions before signing anything so that you know exactly what each fee is for and why it’s being charged. As a matter of fact, it’s always a good idea to have an attorney look over all of your paperwork before signing anything.
Bait and Switch
Another common scam is the “bait and switch.” This is when a real estate agent will show you a property with higher-than-normal prices, but after you make an offer, they’ll try to convince you to buy a different property at a much lower price. This is a scam to get you to buy something that isn’t as good a deal as they initially showed you. Be sure to ask lots of questions and compare prices before making an offer so that you don’t end up getting taken advantage of. No matter what the agent tells you, don’t agree to anything until you know all the facts.
Fraudulent Appraisals
Some agents may try to inflate the appraised value of your home to increase their commission or get you a higher sale price. They usually look for signs of desperation and will try to take advantage of that. Many home sellers have fallen for this scam and ended up paying more than they should have. Be wary of agents who seem too eager to get you a higher appraisal, and always do your research to make sure the numbers are accurate.
Kickback Scams
This is when the real estate agent receives some kind of kickback from another individual or organization in exchange for finding a buyer. The agent may be getting the kickback without your knowledge, and it could end up costing you more in the long run. Look into who your real estate agent is working with, and if anything seems suspicious or unethical, don’t hesitate to get a second opinion from an attorney or another professional. Sometimes it’s worth the extra money to ensure that you’re protected.
There are still many more real estate scams, so you must do your due diligence and ensure you’re protected. Don’t be afraid to ask questions and read over all the paperwork before signing anything. Doing so will help ensure you don’t take advantage of when selling your home.