Avoid These Common Real Estate Scams

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, credit and peace of mind.

Here are the most common ones to expect:

Wire scams

According to Realtor.com, one of the common real estate fake-outs is the wire scam. This is basically a scam where someone pretends to be your real estate agent by hacking into or copying their contact information and calling you to deposit good-faith money or an earnest deposit into a fake bank account. Before fulfilling any money transfer requests, it is important to meet your real estate agent face to face to ensure everything is on the up and up.

Foreclosure relief scams

For those on the brink of losing their homes, not all financial relief opportunities are legitimate. In foreclosure relief scams, scammers target individuals on the brink of losing their homes. A fake company will reach out to the victim with promises that it can stop the foreclosure or modify a loan in exchange for payment. It’s a scam. To avoid the scam, you should never pay for a service before it has been completed. You should also research about the individual or company that is promising to help you.

Fake listing scams

Scammers will post fake property listings on Craigslist, social media or any other platform that interested buyers may wander onto. While the photos they use may be from real listings, their offers are anything but. The scammers will usually ask for an upfront payment to allow you to visit the listed property. Be suspicious of anyone that asks for upfront deposits to see a property. Avoid doing transactions via email or on the phone. It’s best to be face-to-face to confirm the property ownership, sign any required documentation and make a payment.

October 13, 2022.Florida Realtors. Avoid These Common Real Estate Scams.

Retrieved from: https://www.floridarealtors.org/news-media/news-articles/2022/10/avoid-these-common-real-estate-scams

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