Learn and Keep Yourself Safe from Property Scams in Austin
The state capital of Texas, Austin, is an incredible place to buy properties. But do you know scammers are hovering around the city to fool and steal money from new homebuyers?Yes,youheardusright!
Investing in real estate is always one of the most intimidating decisions. And after spending a hefty amount behind your property, you surely want to stay away from fraudsterskeepingahawk’seyeonrecentpropertyinvestors.
Hence,wehavebroughtthisposttoappriseyouaboutthepredominantpropertyscams menacingyourfinancialsecurity.Educateandsaveyourselffromswindlers.
i. The Homestead Exemption Scam
Ifyourecentlyboughtahomeandreceivedaletterspeakingabouttaxexemption by declaring your property a homestead, BEWARE! The letter may seem too officialcomingfromthestateauthorityoranauthenticbusiness,anditisnormal to fall for the trap! Firstly, read the fine print and then consult a genuine and reliablerealestateagentAustinTX.
The scam is all about third-party services claiming to get your property designated as a homestead in return for a processing fee. Sadly, homestead exemptionandhomesteaddesignationarenotthesame.Homesteaddesignation willonlyaffirmyourpropertyasahomesteadwherenobodycanforcefullysell yourproperty.Itdoesnotofferyoutaxexemptionbenefits.
Nonetheless,byapplyingforhomesteadexemptionyoucanloweryourproperty taxes.ThebestpartisyoucansimplyvisittheofficialwebsiteofTravisCounty andfillouttheformfor FREE!Yourequiredoingitonlyonce!Youwillreceivea 20% discount on property tax and other additional incentives. Homestead exemption is recently one of the most common buyer scams in Austin as numeroushomebuyers havereportedly lost alot of moneyand neverreceived taxbenefits!
ii. The Appraisal Scam
Did you recently fill out a form with your property details and sale price? The lettersaiditwasfromTravisCentralAppraisalDistrict.Right?Youthoughtitto be too real to hold up any suspicion! If you have not consulted trustworthy
realtors in Austin TX before filling in the details, let us tell you- you can be a probablescamvictim!
InTexas,disclosureofpropertyvaluesisnotallowed.Youcannotevenpublicly put up your property sale price anywhere when you ‘sell my home’! Living in Texas, the state does not permit you to publicize property details, including financial terms. Only legitimate realtors can access the data through the MLS (MultipleListingService)database.Taxofficesevencannotaccesssuchdata.
Hence,weadviseyounottoconsidersuchlettersasofficialrecordsandrefrain fromsharingprivateinformation.Allyouwillreceiveishigherpropertytaxsince thesescammerslearnaboutyourearningsandentitleyoutopaymoretax!
What Should You Do?
Stayalertandeducateyourselfaboutthevariouspropertyscams.Wheneveryouarein doubt,neverhesitatetoseekassistancefromreliablesources.Aboveall,yourfinancial security comes from thoughtful decisions and recognizing admonitions. Safe home buying!
Reference: -
https://www.homeimproveidea.com/keep-yourself-safe-fromproperty-scams-in-austin/