You see ehn, in this life, especially with this current inflation rate, one has to be extra careful with money and investments. Save yourself from the heartbreak of losing your money to unscrupulous individuals and their dirty schemes often packaged as good investment offers. You know those kinds of losses that make you quiet for a long time, you’ll feel your heart in your stomach and your brains floating above your head? Exactly, that’s the type I’m talking about.
Often times, these schemes are so designed that you will have to be thorough to see them for what they truly are, pure scams! You know me now, I’ll always come through with the tips and pointers, you can’t be working hard to make money and I’ll just watch them steal it from you. There are important things to look out for in order to protect yourself from real estate scams in Lagos before they happen. You need to first understand the ways that you can be scammed and what warning signs you should watch out for. Let’s look at 7 key warning signs to look out for in order not to be taken advantage of.
1) Too Good to Be True
Red flag! Lekki, Ikoyi, Victoria Island properties are highly sought after, but if something seems too good to be true, whether it’s an apartment price, rent, commercial property, it probably is. Be wary of listings that are way below or way above market value. If you see a house listed for N100 Million (for example) on sale for N60M, beware! This is likely an indication that other people haven’t been convinced by its authenticity and therefore no one has met with the owners about it yet. If you still want to take a look at such property, look at other similar listings to get an idea of how much they’re really worth. Don’t forget what we said on our previous post about what to do before investing, insert link to an older post/IG post/Youtube here. When shopping for real estate, keep your guard up!
2) Don’t Trust Instant Payment Options
If a real estate agent/company insists on using an instant payment method such as Mobile Money, it could be a sign that something is off. This is a red what? A big red flag. By offering to pay you with an electronic payment service, he or she may be trying to conceal certain information about their business. Whether you’re buying online or visiting an office, always insist on paying directly into the verified company’s bank account; genuine real estate businesses should not refuse such terms. If they do refuse, get out quickly because this money is usually not small money. Even more worrying is if they suggest meeting somewhere else; such as at their home, or a public place, rather than at their office or a bank. They might be up to no good!
3) Wait for independent verification
While there is always risk involved when purchasing any property, making sure that a realtor/certified agent and/or a lawyer review your contract can help reduce some risks. A buyer should also check out whether land records exist for both parties to ensure that title to real estate being purchased has been properly transferred to both parties, at the land registry, you must make sure what kind and extent of rights exists on the subject property, this helps you explain what kinds of rights can and are being transferred to you upon this purchase. Afterall, property ownership is in the extent and bundle of right owned on the property, this goes beyond just the physical brick and mortar. If you’re buying property on the Island, know that real estate fraud is far more common than in other parts of Nigeria, so exercising extra caution should be paramount.
4) Read The Fine Print
Are you even serious if you don’t read or pay someone to read and investigate details? You must use your red flag as cover cloth this night if you fall in this category. You see, most good businesses advertise themselves as such with good reason but remember that if it seems too good to be true, it probably is. When looking at properties and asking questions, always ask for proof. A legitimate business will have no problem showing you papers with all relevant information and relevant credentials. For example, if they’re located in or near Lekki, but they’re selling properties outside of Lagos or Lekki, that’s something worth raising an eyebrow over. If answers are not satisfactory enough, move on my dear friend and find another option.
5) Check Existing Listings First
Many scam artists will list their properties on real estate listing sites, so it’s important to do a quick search and make sure their property isn’t already listed, especially if the details don’t rhyme. Some scammers will post fake ads with photos they find online, while others set up phoney websites that look identical to those belonging to well-known firms, using same property photos or video tours to sell and entirely different property at a different location. You may also check their ratings, client feedbacks, if they are experienced in the field or newbies. Always double check! If you don’t do this, just go and use your red flags to make enough handkerchiefs for future use.
6) Don’t Get too Emotionally Invested
Red, redder, reddest! Being too emotionally invested is one way to lose focus and end up making decisions you’ll regret later. Remember, logic over emotions, may I remind you also that you’re not plucking this money from Lagos trees. So if something doesn’t feel right, don’t be afraid to walk away from it. There will always be another deal! Properties can either appreciate or depreciate depending on market conditions. If you want to sell at a profit, look for areas that have strong demand but are still affordable.
7) Try an alternative route, be ahead of them
Most scammers selling real estate try to avoid meeting their potential victims face-to-face, or they take you through Ajah to for an inspection in VGC. This is sign of another what? Another red flag. They sometimes enlist intermediaries who serve as guides for prospective buyers. These guides may take you on an official tour of a property (often to distract you from noticing certain details), or if you’re lucky, they’ll pretend to be your actual guide and then show you around themselves. In any case, it’s highly likely that your potential guide is involved with the scam and has been instructed to distract you from asking questions or looking too closely at details. They may also play up their closeness with ownership groups that aren’t even involved with properties they’re showing, raising your confidence and lowering your guard, so pay attention!
Shine ya eyes o!!! And if you still need assistance, you may ask myself or my colleagues with eagle eyes for help,
