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"A fool and his money are soon parted"
The shame, red face and embarrassment will subside quickly but the longer-term consequences, especially financial ones can quite literally last a lifetime.
There are good guys and there are bad guys out there; so how can we tell the difference?
Here is how I go about things:
Google is my friend here – I do a search on any personal and individual names and add the word ‘scam’ after them (two separate searches). Do not be lazy and instead scroll through the first five pages at least.
DueDil is a great resource to check out companies and their officers (directors and company secretary) – I look them up.
Property networks and forums can be a great resource to find out about people but warning they can also allow uncensored grievances to be aired at the same time. I ask around and do on site searches, it is a bit like eBay seller ratings here though…one or two bad reviews in a hundred does not a bad seller make but as with eBay if anymore think this then it is best to look elsewhere.
Buyer's agents or deal sourcers now need to belong to an ombudsman scheme – I check they are...with the scheme itself. The biggest scheme is The Property Ombudsman.
Client protected funds – I try not to hand over large sums of cash up front and if I do need to part with certain fees then have them placed in a client account to be drawn down as and when required.
Many sourcers have a business model of advance payment - take your own view on this...I have and do part with money up front but only when my other checks are squeaky clean. If no ombudsman or protected client account then I would be pushing back on advance fees for sure.
Finally, I research the deal myself – I do not just trust for the marketing pack...I check recent sales and rental comparisons, do a title search (for less than a fiver), check the area for rental demand and tenant profile as a minimum before proceeding. I have also done my own independent valuation and seeing the property (or having someone you trust see it) is strongly advisable.
There are some decent deals to be had at times by taking these precautions but equally some of the people out there are either down right sharks preying on the weak and vulnerable or just incompetent and going to go bust do a runner at the first sign of trouble.
Don’t be fooled...take care out there!
Source & credits: The Telegraph