From buying to renting to selling, real estate scams can target landlords and local residents in many situations. It’s a criminal practice that can seriously damage your wallet, your credit and your peace of mind.
According to realtor.com, one of the most common real estate frauds is the wire scam.
“It’s basically a scam where someone is impersonating your real estate agent by hacking or copying their details and calling you to deposit bona fide money or a deposit into a fake bank account” , said Ron Wysocarski, a real estate broker. based in Port Orange, Fla., told realtor.com.
Before responding to any money transfer requests, Wysocarski said it’s important to meet with your real estate agent in person to make sure everything goes smoothly.
Foreclosure relief scams
For those on the verge of losing their home, not all financial assistance opportunities are legitimate.
In foreclosure relief scams, scammers target people on the verge of losing their homes, Rocket Mortgage reported. A fake company will contact the victim promising that they can stop foreclosure or modify a loan in exchange for payment. It’s a scam.
To avoid the scam, Rocket Mortgage said you should never pay for a service until it’s completed. The company also suggested searching for the person or company that promises to help you.
Fake ads scams
Another popular scheme is the fake listing scam, according to Bank Rate. Scammers will post fake property listings on Craigslist, social media, or any other platform that interested buyers might browse. Although the photos they use may be from real ads, their offerings are anything but.
Scammers usually ask for an upfront payment to allow you to view the listed property. Beware of anyone asking for initial deposits to view a property.
“Avoid making transactions by email or phone,” Nicole Durosko of Warburg Realty told Bank Rate. “It is best to be face to face to confirm ownership of the property, sign all required documents and make payment.”
“We are buying houses! » scams
Somewhere along the road in your travels, you’ve probably seen a flyer that advertises a business or individual wanting to buy your home. More often than not, according to Finance Buzz, it’s a scam.
The scam usually promises homeowners quick cash for their homes. To convince you to hand over your deed to them sooner, they promise you prompt payment. However, the scammers will have control of your property once the deed is signed – still leaving you on the hook for monthly mortgage payments.
Finance Buzz reported that paying attention to detail is important to avoid these scams. A legitimate company is unlikely to advertise its services on a cheap printed flyer placed on the side of a road or ask you to sign partially blank or complicated documents.