When I was getting cold feet after signing the purchase agreement for a home a few years ago, I confessed to my family that I was feeling sick about owing that much money.
“That feeling will go away as soon as you put the ‘For Sale’ sign on the lawn” was their reply. Gulp.
For most people, buying a first house or condo is exciting and a big leap into adulthood. But it doesn’t take long for the cold hard reality of mortgage payments, taxes and unexpected repairs to set in.
Mortgage rates have been low for years now — long enough for young buyers to think that rates below 3 per cent are normal, but historically speaking, they’re not. It’s enough to tempt buyers who should probably save a little more and build their credit rating before buying their first home, but the rush to get into the market can leave some buyers at the mercy of unscrupulous or even criminal agents.
There are a number of ways homeowners can become victims of real estate scams:
Fraud for Rate (or Fraud for Shelter)
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