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Sep 22, 2022 · What’s one thing buyers, sellers, renters, and landlords all have in common? They can all fall victim to a real estate scam. In fact, home-related hoaxes are on the rise.
May 1, 2024 · Several types of real estate scams are on the rise and even the savviest homeowners should be on alert. Here's what you need to know to stay safe.
- Fake listings and Craigslist real estate scams. To create fake listings, scammers craft property ads that feature properties at unrealistically low prices.
- Wire fraud and escrow scams. Escrow arrangements are attractive targets for scammers. They might call, send you an email, or text you, claiming that they represent your title or escrow company.
- Foreclosure relief scams. In a foreclosure relief scam, con artists contact homeowners whose lender may have begun foreclosure proceedings on the home.
- Deed fraud. Deed fraud is when someone steals your identity, forges your name on a deed, and tries to commit home title theft. What’s really scary is that you might not discover this type of fraud until you try to sell your home.
Nov 2, 2024 · Wire fraud is one of the most common types of real estate scam, affecting nearly 14,000 people in 2020 alone. 1 There are a few different ways this fraud typically occurs. In many instances, a scammer will impersonate a real estate agent or mortgage broker, sometimes using a fraudulent email address to appear legitimate, to request funds.
There are two main types of real estate fraud that may result in financial loss: title fraud and foreclosure fraud. Title fraud happens when fraudsters steal the title to your home. They sell your home or apply for a new mortgage against it.
May 28, 2024 · Here are some of the most common real estate scams, how to identify them, and how to avoid them so that you can feel empowered when you sell your first home.
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Jun 17, 2024 · Real estate scams — defined as the theft of money or assets from a homebuyer or seller that otherwise would go toward the purchase, sale, or financing of a home — are all too common. The FBI found that over 11,727 people fell victim to real estate fraud in 2022 for a total of $397 million in losses. [1]