Buyer beware

The New South Wales consumer watchdog is warning prospective home buyers and renters of scams which are costing unsuspecting victims thousands of dollars.Legitimate ads on reputable property websites are being copied onto dodgy sites with homes and apartments being offered at cut-price deals.In one ad, a two-bedroom property in Sydney valued at $1,300 a week was being offered for a third of the price.Consumers are asked to pay a deposit into a Western Union account without seeing the property.They then lost their money.The Commissioner for Fair Trading, Rod Stowe, says overseas students and people looking for a bargain tend to be the victims.Mr Stowe says some of the ads claim a quick sale is required, or that the property's tenant is overseas."Usually [there are] very convincing stories given as to why the properties are being sold at a particularly discounted rate," he said."Be very cautious. If it sounds too good to be true it usually is."New real estate fraud prevention guidelines have been released to combat the problem.