with nuggets of information until they convince you to invest in their expensive real estate investment course. Once you discover there are no secrets revealed these scammers have moved on; leaving you empty-handed and further in debt.
This is not to say all real estate investors are scammers and con artists. But, before shelling out your hard earned cash for investment courses, take time to conduct research and determine if you are working with a trustworthy source.
Presently, the most common scams involve investing in distressed properties such as foreclosures, short sales and bank owned real estate. While there is potential to earn profits buying and selling properties that require extensive repairs there are multiple pitfalls and risks.
Many scam artists take advantage of borrowers unaware of available options to stop foreclosure. Homeowners facing foreclosure who are approached by real estate investors with an offer to purchase their home should engage in due diligence before signing over their property deed.
Unscrupulous real estate investors also prey on other investors. One of the most common scams is charging outlandish fees to obtain foreclosure listings. Realize most realtors provide local foreclosure listings at no charge. Foreclosures and bankruptcy petitions are a matter of public record which can be found through local County Recorder’s offices.
This is not to say all paid foreclosure listings are a scam. Reputable organizations that provide paid foreclosure and bank owned listings can save real estate investors time. Should you decide to travel this path work with list providers offering a trial version. Subscribe to two or three service providers to compare properties. Just make certain to cancel unwanted subscriptions before the trial expires. Otherwise, you’ll end up paying the monthly service fee.
Investors interested in buying bank owned real estate or short sale properties would do well to work with other real estate investors who specialize in these niches. Investors can help buyers locate properties anywhere in the United States.
The secret to locating exceptional realestate deals is to seek out private investors who purchase bank portfolios. Investors who purchase bank portfolios are able to obtain properties for pennies on the dollar. They pass a portion of savings along to buyers; creating a win-win solution for all parties involved.
Falling prey to real estate scams could potentially bankrupt you or cause you to lose your home. Take time to conduct thorough research before buying investment courses or selling your home to real estate investors. Doing so can ensure you are working with a reputable and trustworthy professional and save you time and money.
About the Author
Simon Volkov is a real estate investor who specializes in doing business the honest way. He offers solutions to homeowners facing foreclosure and provides solid investment opportunities to other investors at www.SimonVolkov.com.