When financial hardship is ruining your quality of life and you feel like you’ll never get out of the cycle of debt, it’s easy to fall prey to scammers and their empty promises of selling property quickly.
Property scams can come in many forms. The reality is that when selling property quick is your main concern and you turn to a property scam out of desperation, you will probably lose your home and all your equity.
Unfortunately, scammers know that people in trouble make easy victims. They swoop in, offering to "help" beleaguered borrowers to sell property quickly – and end up with their house keys. Victims sometimes spend years fighting to get their homes back and some never succeed.
MPG Investments is one of the most trusted property investment companies in the UK. Thanks to our extensive financial resources and years of experience as investment-focused property buyers, you can rest assured that you’re selling property quick to a company you can rely on. There are no hidden fees, commission payments or charges. Just cash in your account in 7 days!
Don’t let your haste to sell property quick land you in hot water. Here are some of the scams to watch out for:
You make a deal and you move out of your house. The buyer then rents the house out to a third party, pockets the rent and doesn’t make any payments on the mortgage. Ultimately, the house is lost to foreclosure.
How to prevent equity skimming:This is when someone gives you a loan at a very high interest rate, or a very short time to pay it back. In most cases it is virtually impossible to repay the loan in time, so the lender eventually forecloses and takes the house.
How to prevent predatory lending:Unfortunately, there is no easy way to pay someone to fix your situation. Alarm bells should be going off in your head whenever someone offers a ‘quick fix’ that involves paying them money up front. Any money spent on looking for a cheaper way out is probably a waste, and realistically you could’ve used that money for payments and fees due on your mortgage.
How to protect yourselfIn a bait-and-switch scam, con artists actually manage to trick a homeowner into signing over the deed to a home – without the homeowner’s knowledge. This can be done by bombarding confused homeowners with complicated legal documents to sign. In order to “help” the victim, the scammer places the documents on a clipboard with Post-It notes or something similar indicating where to sign. The overwhelmed homeowners end up just signing where they’re told to, and unknowing to them, end up signing the deed to their home away.
How to prevent bait-and-switchMPG Investments is a cash property buyer, reputed throughout the UK for our experience, no-nonsense approach to buying property and excellent track record.