PropertyRecord.com
doesn't want anyone to be the victim of a ripoff when they buy a
home. That's one of the reasons why PropertyRecord.com supplies you
with comprehensive public real estate reports. But there are other
ways that you can become a ripoff victim, and PropertyRecord.com
wants to help you avoid those as well - which is why today we are
going to talk about a ripoff scheme that is becoming more and more
popular.
This
ripoff works because many people are trying to save money by buying
homes at auctions. They figure that if a bank or a lien holder has
foreclosed on a house and is auctioning it off,they should be able to
get a good deal. In general, they are right - as long as they don't
fall for this ripoff.
What
some unsavory auction houses are doing is making people sign a long
and complicated contract before they are let into the auction to bid.
Hidden in the fine print of the document is a provision that once you
buy the home you'll pay a “buyer's premium” to the auction house.
This can range from $3,000 to $10,000. Most people don't know they'll
have to pay this fee until after they've won the auction on the home.
There
is no reason why these auction houses should charge you this fee –
that's why it's a ripoff. They are already getting a huge commission
for selling the home in the first place. So, adding buyer's fees is
simply a matter of greed.
To
avoid this ripoff, always Google the name of the auction house and
make sure it has a good reputation. Also, read every contract closely
before you sign it – this could save you thousands of dollars.
About PropertyRecord.com:
PropertyRecord.com
provides property reports and other valuable information to home
owners, buyers and sellers across North America. With an extensive
database of public records, consumers are able to look up the value,
history and residential details on a home or property with a simple
search. Visit PropertyRecord.com to chat with a live representative,
call 1-855-482-6221, or email Manager@PropertyRecord.com with any
questions or concerns.
We
want to hear from you. Contact us today!
