Ghost of a Non-Existent Apartment: 5 Tricks of Scammers in the Housing Market

It's bright inside, the area is comfortable, the price is much lower than the market, and the owner is ready to meet at any time. That's luck, isn't it? However, in reality, this is just one of many cases where you end up with nothing, never getting the keys. Fraud in housing transactions is  the most common and painful type of deception. The sums involved are large, the risks are high, and the tricks of dishonest people are becoming more sophisticated, reports Todayinfo.kz news agency. To avoid falling into such a trap, together with Bank CenterCredit, let's analyze the 5 most common tricks. Method 1. "This apartment was just sold, but there is an even better option" You call about a profitable listing that caught your eye. The realtor or "owner" replies: "This apartment was rented (or sold) just an hour ago." Then, to pique your interest, they say: "Don't worry, we have a closed database full of exactly the same great options. To access it, you just need to pay a small fee." You pay, but in the end, there is no database and no realtor. This is the "bait" method. They advertise a non-existent option to get people to contact them, then extort money for an inaccessible "exclusive." How to protect yourself: Never pay for access to a listing database. All real options can be found for free on open platforms. Method 2. "There are many interested parties, put down a deposit so you don't miss out" The photos in the listing are stunning, the price is reasonable, and the owner is a polite person who doesn't argue. But you can't see the apartment right now. Either the owner is in another city, busy at work, or "renovations are underway." Instead, they suggest transferring a small amount to "secure the option" for you. After the transfer, silence. The phone is off. And the listing is still up, waiting for new victims. The main trick of scammers: advertise apartments in the city's best residential complexes and collect money from people who haven't seen them in person. How to protect yourself: Do not pay any deposit, "reservation fee," or any advance payment until you have seen the apartment with your own eyes and signed a contract. If they avoid showing the property, it's a sign of fraud. Method 3. "The apartment exists, but the owner doesn't" The scammer first rents the apartment on a daily basis and manages to copy the owner's documents. Then they post an ad for long-term rental or even sale of the same apartment. They meet with several people, sign contracts with all of them, collect advance payments and deposits, and give each a copy of the keys. On moving day, several "new tenants" gather at the same door, and everyone is left empty-handed. The same trick is used in sales. Scammers use fake powers of attorney or forged certificates of no debt to "sell" the apartment to several people at once. How to protect yourself: Demand the owner's personal presence or a notarized power of attorney. Check the property through the electronic state register, which clearly shows who the real owner is and whether there are any encumbrances.   Method 4. "The apartment is renovated, now move out" This time, the scammer may be the owner themselves. They offer the apartment at a very low price under the pretext of "do the repairs." The tenant invests all their effort and money to fix up the place. But as soon as the apartment looks marketable, the owner's demeanor and plans change dramatically. They start nitpicking, making unreasonable complaints, or looking for ways not to return the deposit. Eventually, through various pressure tactics, they gradually evict the tenant from the renovated apartment. This is a cunning way to get a free renovation at someone else's expense. How to protect yourself: Upon moving in, carefully photograph and video every corner of the apartment. Most importantly, specify in the contract the terms of repairs, how expenses will be reimbursed, and the procedure for returning the deposit. Without a formal contract, it's best not to spend a single penny on the apartment. Method 5. "In the photo – a golden palace, in reality – a stable" The ad shows the exact address and beautiful photos. However, when you go to see the place, you encounter a completely different reality. The apartment turns out to be in a different area, in much worse condition, and the price is higher. Here, scammers attack your psychology. They count on you, having spent time and come with your family, to agree to unfavorable terms just to avoid starting the search over. This is a method of wasting your time and forcing you into a deal. How to protect yourself: Before heading out, ask for the exact address and check it on a map. If the information in the ad doesn't match what you're told, don't waste your time. Caution is the parent of safety A price below market value for real estate is more likely a sign of fraud than luck. The market has its laws, properties have their prices, and no one gives away freebies "just like that." Scammers use people's desire to save money as bait, which is why their offers are so attractive. Carefully check documents, do not give any deposit or advance payment until the contract is signed and stamped. Formalize any transaction through a notary and listen to your intuition: if something raises suspicion, there is definitely something wrong. Bank CenterCredit warns: A safe transaction is based not on blind trust, but on thorough verification and a balanced decision. Read more about financial security and literacy in BCC Journal.