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〇I was discussing this with a colleague the other day about what appears to be an increase in real estate-related scams both locally and nationally. That’s not to say, but it’s something to look out for when pursuing a purchase, sale, or rental.According to FBI statistics, more than 11,000 people will be victims of real estate and rental fraud in 2021. increase. Let’s take a look at the most common types of scams and what you can do to prevent them.
Wire fraud is a complex scam involving phishing (the act of tricking Internet users into obtaining sensitive data via fraudulent emails or websites), after which the scammers often Impersonate a party (escrow officer, closing attorney). They sent false communications and stole thousands, if not millions, of dollars as well. Wire transfer scams are very sophisticated and can be particularly difficult to detect compared to other red flag scams. This is due to scammers using fake emails/websites to appear genuine and legitimate.
The best way to protect yourself from wire fraud victims is to contact an escrow/closing group about how the wire transfer process works. You can know who will send the instructions at what time and date, when to expect them, and who will send the instructions. Then, when you receive the wire transfer instructions, call them to confirm the instructions, but don’t use the number on the sent instructions, call the officer/lawyer you’re working with directly and ask them to confirm the instructions. Please verify/verify. I work with the same escrow officer/team on all of my transactions so I know their names and when/why they contact my clients. If so, call your real estate agent and let them sort things out.
One of the most common scams in real estate is to prey on people desperately looking for a property to rent. The “phantom rental” trick has been around for some time, especially since it works where it’s very competitive to find rentals. The scam itself is simple. Scammers often create fake “for rent” ads and use photos and information from current listings to make it look legitimate. Listings are often below market rents and in desirable areas. If someone enquires, the scammers will ask for some sort of security deposit in order to reserve the place or hold it for you. People show up with a fake address or the real address of someone who already lives in the property.
The best way to prevent this type of fraud, which is the same as preventing 90% of frauds, is to pay attention to the red flags. Like the saying we hear over and over, “If it sounds too good, it’s probably true.” Reputable landlords and property managers will never ask for an advance payment to ‘deposit’ or ‘hold’ or ‘view’ except for an application fee. If you are dealing exclusively with someone, you should proceed with caution and be very skeptical. To do. One final tip is to use and rely on professionals such as licensed real estate agents, licensed property her managers, escrow/title her officers, and attorneys.
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