REIWA: Beware of fake buyers | Australian Broker News
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REIWA: Beware of fake buyers
Fake buyers disrupt gross sales
Several REIWA members have reported encounters with fake buyers who waste time and disrupt the gross sales course of.
While no cash has been misplaced, one excessive case led to a police grievance.
Higher-end market focused
The fake purchaser exercise predominantly impacts the upper finish of the market.
Common situations reported
REIWA has recognized a number of recurring situations involving fake buyers:
Two aged sisters with a supposed giant inheritance searching for properties shut to one another.
An aged man with a youthful spouse making presents within the title of a household belief.
An older man viewing high-end properties with a youthful girlfriend.
A “rich” non-resident planning to maneuver to Australia and purchase a number of properties.
Fake buyers’ delaying techniques
After making a proposal, these buyers use numerous excuses to delay the deposit cost, with no intention of finishing the acquisition.
Their motivations stay unclear however could embody having fun with the eye, pretending to be rich, or just losing time.
Limited recourse
REIWA has consulted with DEMIRS, which has not acquired any reviews of fake buyers.
Unfortunately, there may be little that may be finished to stop this exercise. Vigilance is important, and it’s advisable to ask questions or request proof if suspicions come up.
REIWA: Stay vigilant
REIWA advises members to remain alert and cautious.
If you observed a fake purchaser, take steps to confirm their intentions and background to keep away from wasted effort and time.
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