Caveat Emptor - Buying real estate in Quezon CityJuly 30, 2007 — pagbabago Just recently, it has come-out in the open that OFW’s are being victimized not only by Ponzi Schemes or Scams like the recent FrancSwiss scam… but also, they are being scammed by unscrupulous Real Estate Brokers that sell non-existent real estate or condominiums to these innocent Overseas Filipino Workers. This is now called the “Housing Scam”. You can also read this about OFW’s being victimized and also this more recent warning to OFW’s.
It is heard-thru-the-grapevine that a lot of these unscrupulous Real Estate Brokers that want to make a quick-buck, are selling properties in Quezon City that are not for sale or are not owned by the seller. Some even sell lots in Quezon City at very-low “pre-development” prices so that the would-be victim would buy right away.
Why are they selling properties in Quezon City? They are selling properties in Quezon City simply because of the proliferation of fake “reconsituted” titles that were caused by the anomalous fire that destroyed land titles in the City Hall of Quezon City in 1988. Without this fire, the land scam syndicate would not have been able to steal properties or do their dirty land-grabbing from honest land-owners.
The usual modus operandi of these scammers:
They would have bogus brochures and pictures whether printed or using a website like FrancSwiss.
If the scammer is big-time and wants to scam big-time investors, the scammer usually rents a helicopter and does a “fly-over” on the property and points his finger saying “that is the property for sales”. But please note that the scammer does not even own the property.
Scammers would even rent trucks, bull-dozers or whatever machinery as “props” to show the would-be victim that the property is undergoing “pre-development”.
Some scammers who have contacts with the “show biz” industry would even ask some show-biz talents to “endorse” these bogus properties.
It is easy for these scammers to victimize OFW’s in another country since these OFW’s have not set foot on the property and can only view the property from a brochure or bogus land title.
The more sophisticated scammers that are armed with laptops now even use Google Earth to show the approximate location of the property to add some bogus credibility.
How do you protect yourself from these Real Estate Scams, Housing Scams, Land Scams, Land-grabbers,… or simply criminals?
Make sure you do your “due diligence” or investigate the history of the property and check if the seller of the property really owns the property.
It would help if the property for sale is being advertised that it is “For Sale” to the public. If the scammer tells you that it is for sale, you have to make sure that it is really for sale.
Do not buy a property if you have not set foot inside the property.
Do not buy a property that is under “contestation”.
Do not buy a property without checking the Land Titles first and go to the appropriate government agencies to do your research.
To see is to believe — don’t believe these colorful brochures or websites especially if the developer is not a well-known or credible developer.
Check with the SEC if the “developer” or “company selling the property” is registered to sell properties and if the properties are really under their name.
Scammers are very good at the “business of scamming” and therefore you never know you are being scammed (like the victims of FrancSwiss and PIPC), until it is too late.
Consult your lawyer, if you do not have one, … get a friend who has one.
Like the victims of FrancSwiss and now the more recent Performance Investment Products Corp or PIPC scam, the usual victims are those that do not do their own research, due diligence or even seek “lawyerly-advise”. And so, if a property is “too cheap”… buyer beware. If it is too good to be true, … it usually is.
Hmmm…. is it possible that some scamming real estate brokers have sold portions of the Manotok’s property even though the Manotok family are not selling the property?
Is it possible that these scamming real estate brokers that are “friends” with the “Heirs of Barque” have sold portions of the Manotok property to some innocent OFW’s abroad? Maybe selling portions of the Manotok property at “too cheap to turn-down” or at so-called “pre-development” prices?
Similarly, the University of the Philippines, has been victimized by these scamming real estate land-grabbing syndicates that try their best to make quick-money by selling something that is not even for sale.
CAVEAT EMPTOR in Quezon City.
Posted in FrancSwiss, Homer Barque, Land Scams, Land-grabbing syndicate, Manotok, Teresita Barque Hernandez, University of the Philippines, buyer beware, caveat emptor, housing scam, pipc.
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