There was an article in yesterday's Washington Post about a possible homebuilding scam in Upper Marlboro, MD. It's pathetic to see yet ANOTHER real estate scam being run in Maryland, but it underscores how important it is to do your homework when buying a home.
- Take the time to learn a little more about your builder, and not just from the builder themselves. Get in touch with people who have used them in the past, research consumer complaints, and find out what their reputation is like. websites like consumerreports.com and ripoffreport.com are great resources. Also, try asking on local message boards and forums to see if anyone has an opinion on the builder.
- Make sure they're actually licensed. Every builder has to have a builders license filed with the state of Maryland. An ounce of prevention goes a long way!
- Consult a Realtor. A Buyers agent is paid to work for YOU, and their experience in dealing with real estate jargon and contracts can prevent you from being stuck in a shoddy situation like this.
- If it sounds to good to be true...... It probably is. When people are offered a fantastic "deal" like this, the inclination is to jump on it! Apparently there was a reason in this case for the great deal.... It wasn't a deal at all! Don't give in to high pressure sales tactics if you aren't comfortable and satisfied with all of the terms and conditions. Risking this kind of money on a transaction you don't feel good about can lead to years of heartache.
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