Avoiding Home Renovation Scams in Florida

Miami, Florida Real Estate

Avoiding Home Renovation Scams in Florida

Florida, like other areas known for their numbers of retirees, has more than its share of scam artists. Whether by telemarketing or going door-to-door, it seems there are always people wanting to sell you something. There are times when you may need what they are selling-but most times you probably don't.

Even if you know you need something done around the house, don't be swayed by a door-to-door salesman offering the work at bargain prices. For example, you need a new concrete deck around your pool. A contractor offers an attractive low bid because, he tells you, he is doing others in your neighborhood.

You know you need the work but can't afford it right now. The contractor sweetens the deal by explaining he can arrange special financing. Lets say his terms sound good and you agree. He will return with a mountain of forms with microscopic print that hides what will soon become a nightmare.

Some scammers, taking advantage of the very small print, may even leave sections of the forms blank and fill them in later with much different terms and details. You may have just agreed to a home equity loan with an interest rate and repayment schedule that you can't possibly pay.

You have been officially scammed. Your home improvements never materialized and you are now trapped into a loan you cannot afford. When you refuse to pay or default, the lender can claim your house in repayment because the loan was based on your equity.

To avoid home improvement scams, never agree to a home equity loan if you are not able to make the monthly payments. Never sign a document you have not read thoroughly or any document with blank spaces to be filled in later.

More importantly, never get pressured into signing any document. Do not agree to finance the work through your contractor without shopping other contractors and banks. Home improvement scams thrive in Florida. The best way to avoid them is find legitimate contractors with solid references.

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Tags: • references • finance • default • scammers • financing • contractor • telemarketing • retirees • scams • renovation • home improvements • interest rate • home equity • small print • scam artists • home renovation • home equity loan •

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