Real estate industry faces tough competition from all across the globe with respect to the major challenges which it faces. There are many negative people sitting in the society and amongst us who are always looking for ways and means to scam people and carry out their negative activities. There is always a time in the real estate industry when the prices rise and people look for ways and means to con people.
Here are 3 most common housing scheme scams which you will come across when you are a buyer. We would also like to impart some suggestions, which if you pursue then things will work out and there will be less chances that you will get betrayed by any person or scammer:
Purchase a File
If you are looking to buy a plot or a property in a baby housing scheme, you will then come to know that such housing schemes are often a scam. The people who are fraudsters often ask you to get registered and pay a minimum installment fee. Beware of such people and do not go for any decision in a concrete manner unless you are not sure about it.
Well there are many other reasons which can be considered for not going for such an offer. The most important thing is that the file might be fake. Never invest your money unless you are not sure about the authenticity of the documents or a housing society.
In many cases which were reported, after the completion of the installments charges, the management of a particular housing scheme used to ask for extra charges. Beware of such fraudsters and people as they will eat up your money. If you are new to the real estate sector of Pakistan then always consult people who are experts.
We have written much about how to locate a suitable real estate agent in Pakistan and also how to verify their information. Make sure that you do not choose an agent who asks for money in advance for meeting or any other activity. Always take a written note regarding the developmental charges from the housing schemes.
Personal Account/Bank Details
During the payment of some of the installments, the management of the housing societies or some senior personnel often ask for personal account details and other private information. This information is highly confidential on your account and can be used to even rob your bank account.
In accordance with the information which these people are looking for, many real estate agents and owners of residential and commercial societies suggest people not to share such details and personal information. Even if the management asks for some sort of personal information then still resist sharing such personal data.
These three scams are some of the most common ones in Pakistan. If you have experience of buy or sell a property in Pakistan then that is good. However, if you are an overseas Pakistani and looking for a property in this country then please consult people from within your social circle or experts in town.
We will keep you updated regarding other major issues in our upcoming blogs. Kindly continue to read our literature and do give your feedback.
Keywords: housing scheme, real estate agents, buy or sell a property in Pakistan
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