Definition Of Con In Real Estate

Definition of "Con"

Rick Buntenbach, Real Estate Agent RE/MAX Realty PLus II

Con can mean the downside of any relevant aspects that need to be weighed and evaluated before any decision is made. For example, there are pros and cons to living near an airport and one must decide if it would benefit them or not to move in the vicinity of an airport.

Another meaning for con is scamming or someone’s ability to persuade by lying or not offering valid information. Con could be an instance of deceiving or tricking people in order to have some sort of gain after it. For example, a person that uses deception to get someone’s money is a con.

Con in real estate

In real estate, con can be identified as a scam artist or a person involved in real estate that has the ability to deceive in order to obtain something from his victims. A planned scheme that has the sole purpose of deceiving for monetary gains through real estate can also be identified as a con. Con schemes or con artists can be found in any industry not only in real estate therefore this term is commonly used in many other markets.

As an example, a con or a scam in real estate can be a fake rental listing. The con artistic or the scammer takes a legitimate properties information and acts as landlords or real estate agents, asking for an upfront down payment or security deposit.

Also, cons come in the form of homeowners or landlords that pretend to be out of the country and they are unable to show the property before you sign the lease or contract with the promise that the keys will be mailed to you.

These are just a few of the real estate cons or scams that occur and some of them can lead to monetary losses or unauthorized use of personal information that could lead to bank frauds, opened mortgages, leases, or loans.