However, there are some people who are directly and indirectly associated to it that might try to scam you. Some scammers may have no relation to the developers whatsoever, and yet they act as if they know every nook and cranny of Nuvali or other real estate projects in the Philippines for that matter.
Don’t be scammed. Read this.
1) Fake rental listings
So, OK, you live nowhere near Tagaytay and Laguna, but happened to know that there are a wide choices of ideal homes in Nuvali. How? Online! The scammers copy legit property listings and post them on their bogus sites. They usually pose as a broker and ask for a reservation fee and down payment. The money are wired to the account details provided by the broker.
Avoid getting scammed by never agreeing to pay anything until you meet the broker in person. Of course, not because you are a paying customer, you are waived of the basic responsibilities. For instance, it is your job to verify the broker’s identity. Don’t believe even if the broker shows a scanned copy of his or her license. Confirm through the Professional Regulation Commission (PRC) that he or she is indeed a licensed real estate agent.
Furthermore, judge the credibility of the property portal where you find the listing. Research who owns it and when it was established. There are many reputable portals in the Philippines. The best route to take is to check the website of the developer itself.
Never give any personal data unless credibility and trust have already been established between the two of you. This means meeting the broker personally, and perhaps surveying his or her place of work.
2) Fake titles
To continue with the first, chances are, you will be given a fake title. The scammer, who is as a broker in behalf of a particular developer, will issue fake documents bearing your name. There are scammers who will tell you that they will send the title and key through mail since they are out of the country at the moment.
The unscrupulous of the most unscrupulous sometimes sell the property that they actually own. What they will give you, however, is a fake title wherein you are the one who will pay for monthly amortizations. The real owner, nonetheless, is the same person because he or she has the real title. The person just makes you liable for the repayments to save himself or herself from paying them.
Avoid getting scammed by insuring the title. Ask the person selling the property to you about title insurance. If he or she refuses to divulge the details, you should be suspicious. This is a natural part of the process that a homebuyer like you must know and a broker should share to a prospective buyer like you.
3) Mortgage loan sharks
Unfortunately, there are some companies that offer their properties to inexperienced homebuyers. Representatives of the company enticed these people to signing up for a mortgage loan without telling them about the excessively high fees and interest rates. Since these companies target low-income earners, there is a tendency to default in the future. Thus, aside from the bad credit rating, the homebuyers lose their homes in the process.
Avoid getting scammed by doing your research about those people who approached and lured you into acquiring a home loan. Never borrow money more than what you can pay. That’s a basic rule of thumb. Ultimately, report the predator to the proper authorities, but before you do, gather evidences.
Trust your instinct. Don’t be fooled. If it is too good to be true, IT IS!
Image credit: IndianRealEstateMarket.com