People are flocking to the internet to advertise their homes and property for sale, and especially popular are the online auction sites. Even though it is a growing trend to sell and buy homes on the internet, it might not be a very wise decision. Serious consequences can arise which can involve unscrupulous characters promoting out right scams on the uniformed buyer. The impersonal nature and cloaked façade of the internet can quickly get you into financial and legal difficulties. In particular the elderly and young adults are vulnerable. Being aware that you might not get what you paid for is a good rule to follow; because scam artist just know there is an ocean front home in New Mexico waiting just for you. Become aware of the possible complications involving land and property transaction, and the vital information that can be obtained from knowing sensitive and personal information.
As hard as it is to believe there are many individuals that are buying property site unseen on many of the popular, and some not so well known, online auction websites. Bargains are a great thing to lay your hands on, especially when it comes to known expensive real estate, but as ole timers might say, don’t bet on another mans game. Aside from pictures and videos, which can be enhanced or out right lied about, there is not much evidence to go on, unless you make a trip to personally view the property and structures yourself. If you’re seriously considering buying an online piece of real estate, you need to examine a few issues. For example, what about the deed and title to the property, are they clearly deeded and owned by the seller? Are there any other encumbrances on the land and or home, such as inheritance claims, foreclosure actions, or mortgage and bank claims? Also, is the property a land locked area where no building or road frontage is available. How well has the property and any structures associated with it been maintained? Consider too that certain utilities might not be available for lands that are remote. In other words, if you want to build is there enough property to dig for a well, or to install a septic system because of local ordnances governing such activity? These are just a few of the issues that you will encounter when purchasing real estate through an online auction.
Not only do you open yourself up to all kinds of real estate legal issues, but have you seriously considered the very personal information that online sellers might require of you to conduct transactions? Even though most, but not all, internet auction sites will state that transactions on bidding for real estate do not constitute a legally binding transaction, you must read the fine print. Be careful of hidden clauses on property sale at online auction sites. Fortunately, most ads online are really just advertisement and fronts so to speak, to get you to privately contact the seller for further information, with no intention of deceit. However, the danger of contacting anyone that you don’t personally know with your private information can result in unpleasant circumstances for you later. Information such as full name, phone and email addresses are just part of the problem. Many scam artists will ask for your saving, checking and credit card numbers to verify who you are, and lay claim that there are costs to fax paperwork or even copies of deeds as an example.
As a buyer looking to purchase property whether for your own personal use or as an investment consider contacting a realtor or buying from someone in your local area. Often a great deal can be worked out among home town neighbors! At least you will be able to verify facts concerning deeds, titles, and mortgage information by visiting your local courthouse, and there is not the constant threat of identity theft! Even if you end up paying a slightly higher price for you new home or investment, isn’t peace of mind comforting? Seriously consider using a local reliable realtor for all of your transactions. They are professionals trained in the legal issues of property issues and management. After all it will be you that gain substantially over the long run. In the end it can be said that by using common sense against scammers is just using your plain ole common sense.