Definition of "Con"
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.
Popular Real Estate Terms
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The term comparables is used to better determine the value an asset has when compared to others, similar to it. Real estate comparables are used in assessments to determine a house’s ...
The cost of property, such as a home owned for tax purposes. For example, a home was purchased for $150,000. capital improvements to it cost $15,000. The house was later sold for $230,000. ...
Tenancy that may be terminated by one party- the tenant or the landlord- at any time. The agreement may be in writing or oral. For example, Jack has an oral agreement to use Christine's ...
Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent property in the market place. ...
Loan with a significant down payment with the balance being paid in equal periodic payments over a short time period. There is no interest charge. An example is when a seller of real ...
Descriptive of a property boundary that follows the course of a river or estuary. For example, a land description may say its boundary follows "the meander of the river" meaning the ...
Certificate issued by the government showing evidence that the veteran is qualified and the amount of guarantee available to maintain a VA loan. It is one of the documents necessary to ...
Buyer agrees to accept the responsibility for the existing mortgage. The seller is not relieved of the obligation unless the lender agrees to release it. Many lenders charge points and ...
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