Realtors told how scammers can act on behalf of leaving Russians

Over the past month, the number of proposals for the sale of Moscow apartments by proxy has jumped almost three and a half times – from 5% to 17%. Experts warn that scammers may act under the guise of Russians leaving the country in urgent need of money. Buyers should be wary if the seller offers a discount of more than 30%, realtors say.

Approximately half of potential buyers treat such transactions with distrust. And not in vain – say the specialists of the Department of the secondary market “INCOM-Real Estate”.

“The participation of a trustee in the sale of housing presupposes the possibility of subsequently challenging the transaction,” says legal adviser Natalia Kiseleva. — The issuance of such a legal document as a power of attorney is in itself a one-sided transaction, and you need to be sure that the principal is really the owner of the apartment, who at the time of drawing up the document is aware of his actions, is of sound mind and acts voluntarily.

However, the risks for the buyer are not limited to legal problems. “There is a high probability of buying a living space with the owners registered in it,” continues Natalia Kiseleva. “Practice shows that when leaving quickly abroad, apartment owners forget or simply do not have time to check out.”

“It is clear that now it is possible to conduct a deal remotely in the secondary housing market in Russia only with the help of a power of attorney,” says Irina Dobrokhotova, managing partner of Dombook, chairman of the board of directors of BEST-Novostroy. – And, of course, a proxy transaction is more risky, and buyers are always skeptical. Therefore, there have never been many such transactions, and objects that are always sold by proxy were exhibited at a price below the market price.

It would be strange to expect that, due to the frequent departures of Russians abroad, it is necessary to treat a power of attorney as a norm and buy real estate from an intermediary at a market price, continues Irina Dobrokhotova. The buyer is completely indifferent to what personal motives blocked the owner from being able to attend the transaction in person. So it is not surprising that the owners offer discounts of 10-15%, depending on the quality and urgency of the sale of the apartment.

A serious discount – for example, 30-40% – “relaxes” gullible buyers, and they rarely think about the many risks. And their range is very wide, warns the managing partner of Metrium, Nadezhda Korkka.

First, there may be purely technical errors in powers of attorney. Second, they are scams. For example, a trusted person can sell the same apartment twice and escape with illegally acquired money. Or the seller will revoke the power of attorney, having already received the money, and the buyer will lose the funds, without acquiring ownership.

Thirdly, the trustee may not have full legal capacity, which is not always detected at the stage of registration of powers and can lead to the recognition of the transaction as invalid.

But there is also good news. Thanks to a new trend, the cost of apartments in the secondary market will continue to decline.

“In six months, the volume of supply in the secondary market has doubled,” says Elena Mishchenko, head of the urban real estate department at NDV Supermarket Real Estate. – With such a significant increase in offers for each apartment, which is on sale, there are already two times fewer calls and other requests.

In such a situation, competition between owners intensifies, and they have to agree to a discount more often. “I know examples when sellers offer discounts of up to 20–30%,” continues Elena Mishchenko. – Against the backdrop of great competition, even those sellers who put up apartments for sale at the average market price (even if we are talking about quality apartments, without legal flaws) have to agree to a discount. The average price level in such a situation can only go down.”

– Demand against the background of abnormally high prices and falling incomes of the population has decreased by about a third compared to last year and is not keeping pace with supply. At the same time, the supply is growing and has already reached a record level (plus 35-45% in August-September), – Oleg Repchenko, head of the Real Estate Market Indicators Analytical Center, cites figures. – The cost of housing is gradually creeping down, but it is still far from an adequate price tag.

The housing cost index in Moscow over the past five months, after a sharp increase in the spring of this year, fell by 5.2% – to 257,600 rubles per square meter on average. Outside the Moscow Ring Road, where prices are closer to the buyer, the decline is not so noticeable, but there is also: minus 3% in New Moscow in May-September (up to 201,800 rubles per square meter on average) and minus 2% in the Moscow region (up to 152 thousand rubles ).

— The market is overstocked, — says Oleg Repchenko. – As a result, sellers will have to meet buyers and lower prices. Real deals are already being made at a deep discount. But still, the cost of housing in the Moscow region is very high. In 2020–2021, apartments have risen in price by one and a half times against the backdrop of low mortgage and deposit rates, and a price bubble has inflated on the market. In 2020, a meter of housing cost 180,000 rubles, now it is almost 260,000 rubles.

According to the IRN.RU forecast, the bubble should burst and the cost of apartments may return to the level of the beginning of 2020, that is, drop to 30% in certain classes of housing. A similar situation on the market was already in 2014–2017. Then, after a short hype and rising prices, also provoked by sanctions and the collapse of the ruble, the cost of housing began to fall and fell by 10-20% in two years, depending on the segment. But then there was no bubble in the market. And now he is. Therefore, prices may fall more.

Published in the newspaper “Moskovsky Komsomolets” No. 28895 dated October 21, 2022

Newspaper headline:
There is no trust