Buying land is a worthy investment that can yield a high ROI or guarantee financial security. And Anambra state is a particularly good state to buy lands owing to its commercial potentials as well as the developments that are going on in the state.
Currently, a lot of people who are seeing the prospects in the state are investing in real estate in major towns in the state, especially in Awka, Onitsha, and the many suburban areas that are developing rapidly.
But it is painful that so many people lose their money in the course of these investments either because they did not do their due diligence or because they were deceived. This is why you need to pay attention to warning signs that alert you to the dubious moves of land scammers.
In this article, we will discuss how to easily spot land scams in Anambra state based on the latest trends that are going on.
How to Spot Land Scams in Anambra State
Here are a few ways to spot land scams in Anambra state:
1. The land price is lower than the usual market value
There are times when people do what is called distress sales. In this case, people sell off their lands at a lower price because they have an urgent need for money. But this is not what we are talking about.
We are talking about a situation where a piece of land is selling for way lower than it should. This is a glaring red flag and an obvious scam.
If you find a piece of land that the seller is selling at a very low price compared to the real market value, don’t think that you are getting a good deal. You may probably be about to lose your money. So, be cautious.
2. The seller refuses a physical meeting
You see an advert for a piece of land that you like the price or the location. You call the seller to fix a physical meeting. The seller refuses to have a physical meeting with you. Instead, they insist on voice calls and text messages.
If you ever encounter this, understand that the seller or real estate agent is hiding something. Don’t wait to find out what they are hiding, run as fast as you can.
This is how a lot of people were scammed. So, take note of sellers refusing to meet physically. It could be that the land they want to sell is not theirs or they don’t have any authority to sell the land they’re advertising.
Also Read: What Are the Fastest Developing Locations in Abuja for Real Estate Investment?
3. The land has questionable signages
So, you are going for a physical inspection of the land you want to purchase but you see questionable signages all over that land. You see signposts with words like “This land is not for sale”, “Buyer beware” and other signs like that. Don’t just overlook it. Whoever put that there must have had a legitimate reason for putting it there.
At this point, you might do well to pause the process and ask questions. If you meet the locals in the area, they may be sincere enough to tell you if the land is really for sale or if an aggrieved family member is trying to sell their family land without the consent of others.
In days past, many people who ignored such signposts and went ahead and paid for such lands usually find themselves entangled in the middle of a messy family tussle or community land dispute.
Also Read: Money Saving Guide for Your First Real Estate Investment in Abuja
4. There’s a lot of pressure to make payment
Buying land is not a do-or-die affair. Thus, nobody should pressure you to pay urgently for something as capital-intensive as a piece of land.
If they tell you that the price will increase if you don’t pay in the next 48 hours, it’s a sign that you might be getting into a difficult situation.
Most people who make reports of being scammed usually confirm that they were under a lot of pressure to make payment.
5. Land documents are in process
If this isn’t an obvious red flag, what else is? How can a land seller or real estate agent that claims they are selling not have the complete documents?
Before a person starts selling land in the first place, they must have gone through a process of documentation, obtaining the title deed, Governor’s consent, power of authority, and other relevant government approvals.
So, when a seller fails to provide complete documentation, you should suspect the seller of fraudulent intent and either do more due diligence or report them to the relevant authorities.
6. The land is open to many buyers at the same time
We are talking about offering the same land to many buyers at the same time. Buyers, not bidders. This is rampant in the real estate industry where sellers offer the same piece of land to multiple buyers simultaneously.
This practice is known as overselling, often results in disputes and financial losses for the buyers involved. At the end of the day, you will realize that they have sold out the available land.
The remaining people will either get no allocation or get an allocation in a poorly developed area they don’t fancy. In most cases, the buyer will most likely lose their money. This is a common land scam you must strive to avoid.
Also Read: What You Should Know About The Deed Of Assignment in Abuja
7. There are a lot of hidden charges
We understand that in purchasing land, you may have to pay additional fees apart from the usual land payment. But why is your real estate agent insisting on numerous other fees that come one after another?
The thing is, excessive and undisclosed charges should raise suspicions. So, be cautious if your real estate agent keeps introducing new fees without proper explanation.
Scammers often use hidden charges as a way to extract more money from unsuspecting buyers.
Avoid losing your money to scammers
Spotting land scams in Anambra state and any other state requires diligence and attention to detail.
Don’t be swayed by too-good-to-be-true offers or pressured into making hasty decisions. Always verify the legitimacy of the seller and the documentation of the land before making any payments.
In the end, remember, it’s better to be cautious than to regret losing your hard-earned money to scammers.
Don’t be a victim of land scam in Anambra. Reach out to me on +2348033352126 or click on this phone number to send me a WhatsApp message, +2348033352126
