Ways of Avoiding the Common Real Estate Scams
With the progressing technology, it has become quite simple for scammers to defraud homeowners who are unsuspecting and people who want to rent or buy a property. Any person can post on Craigslist and Zillow if they have a computer and internet access. Thus, not every post on such pages will be true or accurate. In fact some surveys indicate that Craigslist does not flag at least half of all the fraudulent real estate posts which are posted on their website. It is more important to identify the real estate scams due to the high cases of fraudulent scams. In this article, we will share more info on the most common scams and ways in which you can avoid them.
Scams can happen in your search for a new house and also after moving into your own home. To assist you with getting more information, below are some of the most typical real estate scams which you should know.
Unsuspecting buyers encounter financial harm due to the prevalence of online scams on the famous sites. The scammer will say that they are the landlords or the homeowner and will reply to your emails professionally and promptly. To avoid such scams, you have to be able to identify the red flags on posts which are fraudulent. A few of the red flags to avoid are a seller who is not local, the methods of payment, and the use of a third party. The scammer might also suggest that you meet at a different location so as to sign the sale agreement and give you the keys. However, the main red flag is if the deal is too good to be true. If the ad has quoted a very low price for the house which is below the other listings, this is a scam.
To have another individual transfer the home to them, fraudsters will typically utilize another individual’s identity by using false documents. The scammer will then apply for a mortgage on the property, get the cash and not leave any trace. The owner of the home is left in a hard place where they have to pay off the mortgage. To guard yourself against such a scam, you can buy title insurance.
You could protect your personal information better and thus avoid title fraud. Scammers cannot create fraudulent documents in case they do not have any of your personal information.
When you are searching to purchase a home, it is critical to have a realtor to assist you in finding what you are searching for. But, you should be cautious since scammers are now pretending to be real estate agents. To prevent such frauds, ensure that you get the help of reputable real estate agents and read online reviews that prove that they are credible.
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