Buying or selling a property is a high value transaction. Make it worth your hard-earned money by only transacting with licensed realtors in British Columbia which this site has screened for you.
Types of Real Estate Fraud
Title / Identity Fraud
This may not happen often but it only takes one instance to make you illegally and unknowingly take on a huge financial obligation.
Here is what a scammer does: he acquires a fake identity and uses this to take out a new mortgage on that person’s property. The fraudster hies off with the cash, and months later when the mortgage has not been “paid” by the unknowing victim, a lien is issued against the property.
Value Fraud
Value fraud is when a buyer solicits a bid from a seller at a very low price. He then flips it several times over during the transaction then closes the deal. The original owner realizes too late that he could have gotten a much better deal.
Foreclosure and Equity Fraud
The fraudster preys on the homeowner who is having a hard time with making mortgage payments and offers the hapless victim a loan to help cover the payments, and asks for legal fees and the title.
The fraudster ignores the payments he is supposed to make, and instead remortgages the property, gets away with the money. The legit homeowner is left in a deeper financial strain.
These scammers/fraudsters are so skilled that their schemes still work. Ve careful and check for red flags such as would-be scammers who seem to have an urgency in closing the deal. Take your time and do not rush nor be rushed.
That is why it helps to play safe by browsing through our listing of realtors in British Columbia.
Tips in Looking for Realtors in British Columbia
Licenced by the RECBC
RECBC stands for the Real Estate Council of British Columbia, and they take care of licensing of individuals and real estate brokerages for sales, rental and strata property management. They also set qualifications and investigate complaints against licensees and impose disciplinary sanctions under the Real Estate Services Act.
Please take note that a Realtor with a capital R means he or she is a member of the National Association of Realtors (NAR).
Know your budget first before talking to realtors
It is a common mistake that a home buyer talks to a realtor first before even talking to the lending company. To save a lot of unnecessary shopping around, you should first talk to the lending company and determine how much you can borrow before looking for realtors in British Columbia.
Get preapproved for the mortgage first so that the Realtor can give you options within your price range.
Check for references and reviews
Try to find a third party opinion on the realtors you are considering. Read reviews on them especially the latest ones.
You can ask your potential Realtor of their completed real estate transactions and do not hesitate calling or getting in touch with the Realtor’s previous clients.
Interview several candidates
Do due diligence and thoroughly talk to several from our listing of realtors in British Columbia. See the completeness of their proposal / quote. This will give you an idea who is more experienced and savvy who will take time out to attend to every detail. Also check how thorough they are in asking about your specific requirements and how they can provide information on real estate in particular towns and cities.
Take a close look at the contract
Read it thoroughly and do not hesitate to ask questions especially when it comes to charges. Clarify all charges to make sure you are not going to be surprised with hidden charges.
It is also a smart thing to do to have a lawyer review the contract. Real estate lawyers can go even more in detail and see any red flags in the contract.
Finding Realtors in British Columbia made easier
Here at Vancouvercontractors.ca, we aim to make it easier for you by listing them all in one place.
Read about a Realtor’s qualifications, go through reviews and past projects, compare your candidates, ask for quotes before you contact them. Just make sure that you have indeed finalized with a lender aso that you know the ceiling price before talking to Realtors. Search for your realtor in B.C. now!
