Expats warned to watch out for Amsterdam real estate scams

New expat arrivals in the Netherlands are being warned to look out for real estate fraudsters, especially in Amsterdam.

The government of the Netherlands is seriously concerned over the increase in scams and fraud related to real estate, with newly-arrived expats seen as easy targets by the crooks involved. Basic warnings include the old saying –‘if it seems too good to be true, it probably is’ as well as published descriptions of the most-used scamming techniques. A useful hint to newcomers is to get any documents translated by a lawyer who’s able to spot any warning signs indicating the deal might be fraudulent. Getting to know the basics of Dutch real estate agency processes, getting agreements translated before, not after, you’re signed up and researching online are all protective measures you can take.

For example, once you’ve found suitable accommodation, you might be asked to pay extra fees you’ve not been aware of. This is a fairly mild scam, usually requesting Western Union transfers rather than checkable bank-to-bank transfers. A request for cash gives it all away, with walking away the best reaction. Another favourite is the reverse mortgage scam, in which expats who own their own homes can be persuaded to take out reverse mortgages which aren’t suitable for their circumstances. This one is a gift to fraudsters as it lends itself to endless requests for unspecified extra fees.

Another trick involves assuring new arrivals they can own homes without giving a deposit, with more extra fees doing the trick. If you’re determined to buy a property, it’s essential to get all relevant documentation translated by a professional before you sign anything. Online property rental ads which request a bank transfer as a holding deposit can easily be scams. To avoid being caught, check whether the supposed owner lives overseas, check the given email address coincides with the one of the website and check any other inconsistencies in the ad itself.

All these are red flags, with walking away the wise option. Logging on the Kadaster website will give you information on the property owner, who should be the landlord. If not, you should ask for written confirmation of the advertiser’s right to rent out the property.