For many Australians, unstable American housing market and increasing number of foreclosure homes, is ideal time to invest overseas. In fact, buying a residential property in the US is the popular trend in Australia. Low interest rates and favorable exchange rate between the two currencies are also reasons for increased interest in the US housing market. For many this type of investment proved to be very profitable and for other not so enjoyable. Reason? US property investment scams.
For many Australians, buying a property in the US has been nothing but a nightmare, mostly because of the investment scams. The main reason some investors have been the victims of the US investment scam is because of negligence. And because they thought they have the skills to complete the transaction on their own, without the help of a professional real estate agent. Huge mistake. To ensure you do not become a victim of the US investment scam and to ensure you achieve planned financial goals, it is best to hire a professional real estate agent.
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Buying property in the US can be very profitable, but only if you know what you’re doing. Regardless of how informed you are about latest figures, rates, etc., not having any experience with the US housing market makes you vulnerable and ideal prey of fraudsters. To protect your money, hire a professional to help guide you through the whole process. Real estate agent has the experience, knowledge, and contacts needed to ensure successful property purchase. He/She will prepare all the documents, explain the US regulations and go over different properties. In addition, a real estate agent will also:
Perform A Background Check – A key safety factor is thorough background check. This is very important regardless of the nature the investment. Professional and experienced real estate agent will perform full background check of the property and seller as well. He/She will not rely on references only, but will also contact various financial institutions to assist in the background check.
Be Skeptical Of ‘Too Good To Be True’ Offers – Some US properties are simply too good to be true. These are in most cases investment scams and you should be very careful. With professional real estate agent you will not be urged to invest your hard-earned money in such property. From years of experience, a real estate agent knows that such properties require extensive renovation that may cost you as much as the whole house. Just because you know people who have bought such property and have made money, does not mean you will.
Investigate The Property – Real estate agent has the means to investigate the property. Something you do not posses. You most likely have no contacts that can help you evaluate the property. Everything you know about certain listed property for sale is what the owner has stated. Of course, that information is not enough to ensure a profitable investment. Thus, rely on a professional and experienced real estate agent to ensure you do not become a victim of US investment scam.