Would you know a real estate scam if you saw it? Fraud in real estate has been gaining momentum and this year it’s expected to continue to rise. Don’t fall prey to a fraudulent real estate transaction this year. Educate yourself on the most common scams in real estate and avoid them! Two of the most common types of fraudulent transactions in real estate include:
• Wire Theft through Impersonation: The computer or email account of a person involved in real estate transaction has been hacked and a scammer tries to impersonate that party to intercept funds. Most commonly, the perpetrator will email you impersonating a title person or a realtor and tell you the wiring instructions have changed. You then wire to a fraudulent account and your funds are lost!
• Buying a House that a Seller Does Not Own: Beware of deals in a hurry to close and/or houses for sale that you can’t access. The seller may not have legal title and may be posing as the true owner of the property. The criminal in this situation may even obtain the personal information of the property owner and use this information to physically forge the owner’s name on the deed. Always use a title company that you know and trust to issue you an ‘Owner’s Title policy’ to avoid falling prey to a fraudulent real estate sale.
Educate yourself on the most common scams in real estate and avoid fraud in 2018!!
Corey Curwick Dutton for this great article!