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How to Void Real Estate Scam.

Fake Listing Country Scam Loan Scam Title fraud

Real estate scam alert

Residential Real Estate/Home Buying Scams That You have to Know, The real estate industry is a sector that is extremely advantageous, if done well. A house is one of the most expensive property that a person buys over his/her lifetime. Big money, big opportunities. However, on the same token, criminals prey on the weak and use creative ways to make a lot of money by scamming victims all over the world, whether buyers, sellers, or realtors/agents.

Amongst the most notorious fraudulent practices on the market, ideyfindhouse have already exposed and shared information about rental property scams, real estate investment scams, home buying scams, and residential real estate tips. Like all industries, the real estate sector attracts its share of scammers. Fortunately, there are ways you can safeguard yourself against property fraud. To help you spot the fraudsters, here is a rundown of the most common real estate scams – plus some advice on how you can avoid getting ripped off.

1. The fake rental listing scam.
These scams take advantage of the online real estate marketplace by copying legitimate property listings, reposting them elsewhere and posing as the agent or landlord who is leasing the property. The scammers will usually ask for the security deposit or another down payment upfront. Often times they will ask you to wire money in advance while a contract is being drawn up.
How to safeguard yourself from this scam:
Never agree to wire money in advance to any Agent you have not met in person. Always try to verify the identity of the Agent you are dealing with.(i.e meeting the agent in person and confirm that they are a licensed real estate agent. Look for properties listed by well-known real estate agencies and trusted websites. Always consult a Lawyer before making any transaction that worth huge amount of money.

2. The out-of-the-country scam
In this common scam, the prospective landlord or current owner says they are out of the country and unable to show you the property before you sign the lease or contract. They usually promise to send you the keys in the mail once the deposit has been paid in advance.
How to safeguard yourself from this scam:
Always insist on inspecting the property yourself (i.e visiting the property you want to buy yourself). And you can further make enquiry from the neighborhood. If the landlord or agent says, visiting the property is not possible because they are overseas or unavailable, then walk away from the deal.

4. Loan sharks and predatory lending. The elderly, low-income earners and inexperienced homebuyers are the principal targets of this type of scam. In predatory lending practices, home loan scammers take advantage of the most vulnerable, by enticing them to sign up for mortgages with excessive fees and high interest rates. People who are tricked into paying more than they can afford risk ending up with a bad credit rating and can even lose their home.
How to safeguard yourself from this scam:
Do your research about the lender and don’t be fooled into signing on for a bad deal. Set a budget and do not exceed it. Do not let anyone convince you to borrow more money than you can afford to repay. Report anyone you suspect of engaging in predatory lending to the authorities.

5. Title fraud. This type of property fraud can be extremely devastating. Essentially it is a form of identity theft in which the scammer poses as the homeowner and uses fake documents to transfer the property into his or her name. They then get a new mortgage against the property, take the cash for themselves and leave the homeowner liable for the repayments.
How to safeguard yourself from this scam:
Ask your home insurance provider about title insurance, which provides the best protection against this type of fraud. Secure your personal data and never give away your personal documentation to an unknown source.

Note: ideyfindhouse disclaim any responsibility of the Real Estate Scams.