How to ensure your home or property is real before you buy it?
You can check the real estate agent or property manager’s online profile, but many people miss out on the crucial step of confirming they are actually the property manager.
“They may not know they are the property person,” says Mr. Peeves.
That can mean you end up with an empty house or a broken property.
The key is to confirm with the realtor that they are, in fact, the property manger.
If they are not, then the property can be returned to the buyer.
Mr. Dolan says it can take anywhere from three to six weeks to verify a property and to confirm it is actually the real manger, with a final check of the property records.
“It can take days to get the real property back to the real person who owns it, which can sometimes take weeks,” he says.
“A lot of the time, the real name isn’t on the property.
If you’re not the real owner of the home, they won’t even know you are.”
To help you ensure the property is legit, you’ll want to do a few things: Look online for reputable real estate agents, real estate brokers, property managers and property owners.
Look for reputable websites, such as realestate.com, realestateonline.com or realestateinfo.com.
Know the terms and conditions of the contract you are signing.
Also, check with your real estate professional about the terms you have signed.
Contact your realtor.
“You can call a real estate agency and have them verify the title and the signature of the real people who own the property,” says Dr. Peez.
“If you’ve signed a contract with the agent, you’re probably the real title,” he adds.
And if you’re unsure, contact the realtors office.
It’s the best way to make certain you’re getting the property that you paid for.
If your home isn’t yours, the next step is to get it appraised.
This is a process where you pay for the appraisal, which is usually done online.
The process of appraising your home usually involves you paying the realty agent or the property company the actual price, minus the buyer’s commission.
“We do this because we believe the real value is so high and so important to our local communities,” says Ms. Doolittle.
If the appraisal is lower than you paid, you can apply for a refund from the seller.
This can take a few weeks to be processed.
“Some real estate agencies have a time frame for it,” says Mrs. Dolliet.
If there’s no time frame, you may need to contact the seller to get a refund.
Check with the buyer to see if they have an attorney who can help you.
“When you go to the auction house, you don’t see an attorney,” says Michelle, a former real estate buyer.
“The buyer has to prove it,” she adds.
But, she says, the best strategy is to ask your realtor to appraise the home.
If that’s not possible, the buyer may have to settle the sale with the seller for an undisclosed amount.
That way, the seller will get some compensation.