Philippine Real Estate Scams: Avoid Double Sale

How to Avoid Real Estate Scams in the Philippines

Your dream of having your own condominium or house and lot could turn into a nightmare if you don’t play smart. A lot of real estate scams in the Philippines are threatening home buyers and investors, so knowing these common issues is important. Whether you’re planning to purchase a real property in the city or in the province, you need to make smart investments to build wealth in the long run. In this article, you will learn how to spot real estate scams and avoid them, especially for beginners.

Most Common Scams in PH Real EstateIn 2021, the Department of Human Settlement and Urban Development (DHSUD) and other Philippine government agencies implemented the Anti-illegal Real Estate Service Practices Inter-agency Task Force for the prevention of any unlawful activities related to real estate business in the country. In addition, it was created to penalize scammers who will swindle home buyers and investors including OFWs.
Having basic knowledge regarding these common real estate scams in the Philippines will help homeowners avoid falling victims to such fraudulent acts:

Real Estate Pre-selling Scams

Deceptive real estate developers offer incentives and buyer rates that are too good to be true. These pre-selling scams in real estate often make buyers believe that they got the best deal, when in fact, they are being scammed. After paying the downpayment, the timeline for the development will be moved until the buyer can no longer keep up with the extensions. Make sure that the project is existing and don’t just believe in the timeline given to you by the developer.

Foreclosed House and Lot Fraud

The most common victims to foreclosed property scams in the Philippines are overseas Filipino workers since they cannot visit the unit before purchasing. These scammers usually pretend as the property owner or real estate agent with forged documents including the land title. After signing the contract, the buyer is not made aware that the house and lot is already foreclosed. Be sure to check the property before buying from an unknown dealer.
Illegal Double SaleIn a double sale, a shady realtor will sell one single property such as a condominium unit to two individuals. This happens when a buyer unsuccessfully transferred the property title to his name and the seller managed to sell the property to a second buyer without letting the first buyer know. To avoid a double sale, make sure to process the title transfer as soon as possible after purchasing the property.

When it comes to trustworthy real estate brokers, REALS Corporation always keep it real with clients. If you’re looking for a house and lot for sale in Pinewoods Subdivision Baguio City, check out our website for more details. We are the most trusted Pinewoods Baguio City real estate broker that will help you find the exact unit you want and need. Start a new life at the Pinewoods Golf and Country Estates and enjoy the beautiful scenery with your loved ones.