Dear all members/gurus/authorities,
With the acceleration in the property market and money many seasonal, opportunists come in the market and try to fool inexperienced and novice people and investors by extorting money an d selling fake plots or at inflated prices.
Can you all share your experiences and advices to spot such people and dealers in the market and the tactics used by them to fool people.
All are requested to share their views and with the solution and advice to avoid it.
It will help people to avoid such happening as deception and malpractices are rampant in our Islamic Republic and in Muslims.
Fakat aap ka apna,
Crore Patti
Here I got my post
U comment will be very helpful
Dear Crore Patti Bhai,
I totally agree with ur views. There are many fraud people in the market. Best way to avoid is to double check market rates with couple of dealers...
This forum can be used as a guidance tool for the starters...
Thanks
Nice post. Also do we have any system to bring those fake property dealers to justice (out of court like Property builder union etc). I believe it will be more effective
@ Crore Patti,
Have you had any similar experiences?
We can do the following:
First, every buyer should confirm the authenticity of file/document from concerned society, provided that society itself is legal.
Do not make a deal until and unless the authenticity of the document is confirmed.
If a buyer finds any fraud that you mentioned, share the profiles of those agents with the society and at the Zameen.com platform.
Nice to hear these comments from all bros.
Whenever you going to buy, (plot, property etc).
Before to do any sort of deal.Find the correct market value of the property.Check the file of plot in the concern society or CDA etc for Ownership,litigation,inheritance,attorney,if possession check this as well.Once these all clear,then go to the site and check the plot there on the site.(also consult with the surveyor of concern society or CDA etc).Then go for a deal with 1/7th lacs baiyana of total price and 4 weeks time with 1 week grace period.
Good comments
Please add the bad experience also to learn lessons
FAKAT APP KA APNA
CRORE PATTI
Similar bad experience with a dealer in soan garden markaz, with the name of madni estate, wowwww, what a liar, i had observed at least 4 proved lies in a two days conversation with him, i think some people are habitual of this.
Dear Muhammad
I salute your courage to name the exact persons
I will goad you to elaborate a little more your bad experience for the learning of other novices like me
FAKAT AAP KA APNA
CRORE PATTI
In my view this is a general discussion forum and should not be taken as the decision making forum.
There is big difference between fraud/deception and promoting the real estate projects where you might also have some stake or interest.
Its a good learning and sharing experience and exchanging views with others with interest in the real estate that could help you take decision for investment/disinvestment in the real estate.
I have learned many good things from this forum. But there are black sheep in every community so be careful and do not follow people blindly.
I would request our veterans to list out tips that should be followed by the buyer before any decision.
Finally always check, recheck and cross check. Its your own responsibility not to be fooled by others.
I encourage all buyers to try to buy from the original owners rather than from the dealers or middle persons.
What I mean is that if you go to a dealer and finalize a deal for a property, make sure that the contract is made with owner and not with another party which indirectly buys it from the owner.
The property dealer do a double cross. To seller they ask that the property is going cheap as there is no seller and will try to buy it from him at less than market price and the same property they will sell to seller. This way they not only earn their commission but also the price difference between the two.
Also beware some dealer loot people by charging more than 1% after making deal.
Also please be very careful with the flattering attitude the dealers usually show like “Mere bhaion jaisa” “chanda” “Meri Jaan” " Mujhay teri bharjai say itna piyar nahi jitna tujh say ho geya hay" “Mera apna plot hay” please dont get trapped.
I heard that there is a market practice going on in which a investor’s buys property on payment of advance and then re-sell that property with profit without transferring the property in his name and next investor buys and re-sells it like the same way and so on and so forth the property is sold many time without transferring thereby increasing the sale price every time . Please share your comments as to how one can know between real price hike and artificial price hike
Very important topic that brings awareness to public.
Deception and lying is the bread and butter of pretty much all businesses.
Keep in mind these points:
If he is registered or not with income tax department this shows his credibility.
Will he do a final meeting in presence of seller and purchaser?
Get a general reputation from market of that person from any of your reference.
Never deal on phone or message always meets your real estate agent face to face.
Whoever you choose, keep another couple of agents handy to verify the rates.
To find out a good dealer is a difficult task. 1st of all mention in which area you are interested try to go for expert dealer of that area rather than all rounder dealer.
7.After finishing of area contact 2 or 3 dealers of that area you can get contacts of them from Zameen.com and Jang classified.
8.Sometimes, same plot is quoted to dealers with different references, in that case you will get different rates for the same plot. Likewise, if you are selling your plot and shared it with 10 dealers and your demand is 50 lac, every dealer will try to catch that deal. And for catching the client, some dealers will demand 49 lac. Some will 49 lac 50 thousands and hence your plot will be routing in market with different prices.
Ask probing questions from the agent like:
1.Is the other party (seller or buyer) direct with them? Would they mind arranging for a one-to-one meeting? They must not mind.
2.Ask them what they think where the price might settle. If there's no straight answer, you might want to leave it at that and look for another agent.
3.Ask them what other areas they deal with. If they deal in a large spectrum, they might not be a specialist in your area of interest or any other area in particular for that matter.
4.Ask them where they invest themselves(This question is up to you).
Suggestions:
1.A relatively new agent (3-5 years) would be your best choice. He'll work the hardest for you (unlike the magarmach of the industry) without making a lot of mistakes (unlike the freshies of the industry.
2.You can deal without a dealer but that can make problems for you as you are not awarded of procedures so it can make problems for you.
3.Try to reduce the Comm of Dealer from 1% to 0.5 %(Any way around).
4.This is not a rule of thumb, just a suggestion.
Great information for all.
@ MQ Ahmad…Sir if the dealer arranges a face to face meeting with,he will never charge less than 1%…In other cases you know that how they earn…