tricks to recognize fraud scammers property Spain

In addition to feelings, the worst is not only the loss of money but also lost time and effort. To avoid this, we will talk about the most common frauds and give the most famous schemes and examples of frauds with real estate and tips to avoid them.

The most common real estate frauds are:

  • False real estate agencies

A way to study the reality of the agency should combine a search on the Internet, comments from people who bought the house, and a search for trusted specialists and real estate agents. But be careful, because one of the most common fraudulent real estate transactions is the presence of false or non-existent real estate. You must have the ability to recognize the presence of legal professionals and real estate agencies.

To do this, check their website and offices and make sure they are connected to a professional platform, have arbitration agreements, or belong to real estate associations or similar. Listening to or reading good comments on the Internet is another way to find a fake agency. However, everything that glitters is not gold, so we must be careful with the opinions we read, because some of them are not reliable.

  • Failed transaction

Fraudsters track real estate listings and are contacted via email with individuals selling their homes or agencies. They present themselves as international investors and simulate greater economic solvency. To do this, they are asked to meet in places such as luxury hotels or trendy restaurants. During these meetings, they claim that they can only pay in bills of 500 euros, while offering a commission that can reach 25%. It is at this time that fraud occurs, because the victim cannot fully check the money for fake, when in fact only a few genuine bills are placed.

  • Busy for profit

This scam consists of illegally settling into houses and then renting them to third parties, and this usually happens in poor neighborhoods on the outskirts of large cities, such as Barcelona or Madrid. Fraudsters occupy houses or apartments that have been confiscated by the bank and through the intermediary of local authorities or social centers hand them over to immigrants under false lease agreements.

  • Nonexistent prepayment

A person contacts the owner of the house and hastens to rent this house to him. He says do it on behalf of a relative and hurry to close the deal. Therefore, he agrees to make a transfer and, under the pretext that the transaction is reflected in the account, sends a bank receipt. However, the owner sees that the amount is higher than the agreed amount, and when he says that he overpaid, the fraudster asks for the difference to be returned through the money transfer company. This is the amount that the owner is losing, since the initial transfer to a higher value has never been agreed upon, and the bank receipt has been forged.

  • Real estate dreams at ridiculous prices and with super photos

Some websites or newspaper ads offer properties at prices well below their market value. They tend to be hooks to attract customers and even fraud. Always check the market price in the city. In some cases, apartments are advertised with better photos than in reality. Then, when the interested party visits them, either their status does not correspond to the indicated one, or they are not as close to the subway, school ... as they told you.

Unfortunately, there is always the possibility that the money delivered may be lost if the agency, owner or developer disappears. Recommendation, before signing anything, consult with a real estate professional who will help you in these situations.

  • Air sellers

In this situation, you decided that you would not use the services of real estate agents because it seemed expensive to you, but when you started looking for options directly, without intermediaries, through newspapers and private advertisements, you find the same real estate agents. And then information about a company that sells a database of real owners who want to sell or rent their apartments can come up. And this pleasure costs nothing at all, a few hundred commissions, which cannot be compared with an ordinary agency commission. But, as you know, the miser pays twice, and when he starts getting numbers from this base, he discovers that half of them are “dead” (do not answer or do not exist), and the remaining half are options for apartments that have already been sold or rented for rent.

Conclusions: it is better to turn to large and well-established agencies or real estate portals. Services on are much more profitable and more economical than in many other real estate agencies and you can be sure that you will not be let down. Clarification and assistance is present at each stage of the transaction. Write to us in the chat for more information! You deserve honesty!

How to avoid real estate fraud?

  1. Explore and research the market.
  2. Trust most opinions and comments, but not all.
  3. Invest time and money in finding a professional. This entails payment, but cheap in the long run is expensive, and moreover, in investments as important as real estate.
  4. Check the status of your future apartment or house, (request, for example, a copy of the documentation or an IBI receipt),
  5. Explore the agency or property with which you sign the contract.
  6. Use a secure way to pay and transfer money, for example through Request a short contractual obligation (contract) so you can prove all the operations you have done.

After all, no one likes to make bad purchases or to be deceived when investing big money in the most important investments in our life - buying a property!

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Featured listings is a real estate portal marketplace kind where owners of real estates in Spain as individuals, professionals, companies with exclusive sales rights and banks can publish ads for sale, rental and services related to real estate market so that other users can search and find ads with real estates for purchase and rental or ads with services to directly hire real estate professionals for other operations such as management of purchase-sale and rental, cleaning, transport, renovation, construction and other services.