Real Estate Scams: A Growing Threat in Today's Market
Real estate scams are on the rise in today’s market and can affect everybody involved—from sellers to purchasers to renters. Fraudulent ads, rental scams, and business fraud are just a few types of real estate fraud.
Scammers pretend to be landlords and get renters to pay fees upfront or give them personal information that can be used to steal their identities. Another scam targets individuals whose homes are in danger of foreclosure and says it can help them save for a fee, but in the end, the victims lose their houses.
It’s important to be alert and careful to avoid falling for real estate fraud. Before making a payment or giving out personal information, you should always make sure that listings and rental places are real. Trust your gut and learn as much as you can about the seller or rental before you sign anything.
Common Types of Real Estate Scams
Rental Scams
Con artists put up fake rental ads for homes that aren’t open or don’t exist, trying to get individuals to pay money upfront or give them personal information.
Eviction Rescue Fraud
People who are facing eviction are targeted by con artists who say they can help them save their homes for a fee. A lot of the time, they want homes to sign over the deed or pay them instead of their mortgage lender.
Investment Scams
Fraudsters offer fake chances to invest in properties or projects that don’t exist or aren’t as profitable as they mention. They put a lot of pressure on buyers to give them their money.
Escrow Scams
Con artists pretend to be escrow agents and get buyers to send their closing funds to a fake account instead of the real escrow account.
Scams in Home Improvement
Those who run these types of businesses offer cheap home improvement services, but they either don’t do a good job or take their money and run.
Illegal Flipping
Scammers buy a house, fix it up, or fake reports to make it worth more, and then sell it to those who don’t know what’s going on.
Fraudulent Real Estate Seminars
Con artists hold fake workshops or seminars that claim to give you insider information on dealing in real estate, but they end up selling you useless or overpriced information.
Deed Theft
Scammers steal the name of a homeowner, make fake papers to take ownership of the property, and then borrow money to pay off the mortgage.
Phantom Real Estate
Fraudsters post ads for homes that don’t exist or aren’t for sale to get people to pay for information on how to buy the home.
Real Estate Scam Warning Signs
- Unrealistic Prices
- Pressure Tactics
- Lack of Information
- Requests for upfront payment
- Unprofessional
- Communication
- Unverified Sellers
- No physical address
- Unsecured Websites
- Refusal to Meet in Person
How to Avoid Real Estate Scams
Research Extensively.
Before making any promises, do extensive research on the property, the seller, and the real estate agent. Check the information you get from trustworthy websites.
Visit the Property
You should always see the property in person before you sign a contract or make a payment.
Hire a licenced Real Estate Agent
To help you through the process and make sure the deal is real, hire a licenced real estate agent with a good reputation.
Check Ownership and Title
Make sure you own the land, and look at the title to make sure there aren’t any liens or other claims against it.
Write down everything
For all deals and trades, get written contracts and read them carefully before signing.
Watch Out for Upfront Fees
Don’t pay any upfront fees or payments before making sure the transaction is real.
Secure Financing
Only borrow money from banks and credit unions you can trust, and beware of deals that force you to get a certain loan.
Trust Your Gut
If something doesn’t seem right or seems too good to be true, go with your gut and look into it more before moving forward.
Our Services to Help You Recover Your Money
Customised Approach
Our methods are made to fit your unique situation, so you can be sure that your recovery will be both effective and unique.
Expert Negotiation
Our team is very good at dealing with con artists, and we always try to get quick and good results for our clients.
Financial Analysis
We conduct a thorough financial analysis, looking at everything, to retrieve your money.
Transparent Process
By being open and honest, we keep you informed and involved in every step of the healing process.
Quick Action
We know how important it is to get your money back as soon as possible. Our team works quickly and effectively to improve your chances of success.
Proven Track Record
We have a history of getting people their money back, so you can trust us to handle your case professionally and correctly.
Client-Centric Approach
We care about your happiness and peace of mind more than anything else. We do everything we can to make sure you feel encouraged and informed as you go through recovery.
Frequently Asked Questions
Overeager purchasers, buyers wanting to buy sight-unseen properties, heavy upfront costs or fees, high-pressure sales methods or urges to move swiftly to gain special pricing or discounts, and wire or cryptocurrency payment requests represent scams.
Do not continue the conversation once you know you are being scammed. Please stop making payments. The bank or service you used to send the money should be contacted and reported.
Visit the website of the country’s financial regulatory body. Find an area that lists licenced or registered brokers
Gather all the information you can about the scam, such as records of
transactions and communications, as well as any personal information the scammer gives you.
You can send them a legal notice through a lawyer, telling them they need to return your money within a certain amount of time if they don’t reply or refuse to say anything.