Buying or selling a home can come with challenges, especially in a market that fluctuates frequently. While many homeowners may be comfortable in their homes and have no intention of selling, others prefer having options if the desire to sell arises. Sadly, because selling a home can be quite stressful, some real estate companies may take advantage of sellers and promote unethical practices or even scam unknowing homeowners out of their hard-earned money. This may have happened to some homeowners in Illinois when they signed a contract without fully understanding the terms.
Was it a scam?
A real estate company, that also does business in other states, sent a door-to-door salesman around some Illinois neighborhoods to promote a deal where the homeowner agrees to give selling rights to that company if they decide to sell. When the homeowners agreed, they were given a quick payment through an online money-transfer system. The issue is that many of the homeowners were not aware of how long the contract was for.
Some homeowners soon realized that they were under contract with the company for much longer than they expected. While they believed they were under contract for ten years, the paperwork said 40 years instead. Some of the homeowners believe the information was not presented properly and they were not knowledgeable of the terms they were agreeing to.
Legal assistance can help prevent being scammed
Real estate transactions require much paperwork, and contracts can be difficult to understand for those who aren’t familiar with the jargon. Anytime someone is considering signing any type of real estate agreement, they should first seek legal advice. Illinois residents who believe they may have been taken advantage of can seek advice from an attorney to see what legal options they have.