The most common real estate scams of 2022 and how to avoid them
In foreclosure scams, scammers target people who are about to lose their homes. rocket mortgage reported. A fake company will contact the victim and promise they can stop the foreclosure or modify a loan against payment. It’s a scam.
To avoid the scam, Rocket Mortgage said you should never pay for a service before it is complete. The company also suggested researching the person or company promising to help you.
Fake Listing Scam
Another popular scheme is fake list scams bank rate. Scammers post fake real estate listings on Craigslist, social media, or other platforms interested buyers might come across. While the photos they use may be from genuine listings, their listings are anything but.
The scammers usually ask for an upfront payment so you can visit the listed property. Be suspicious of anyone asking for prepayments to view a property.
“Avoid transactions via email or phone,” Warburg Realty’s Nicole Durosko told Bank Rate. “It’s best to be face-to-face to confirm ownership of the property, sign all required paperwork and make a payment.”
‘We buy houses!’ Fraud
Somewhere along your journey, you’ve probably seen a flyer advertising a company or individual willing to buy your home. Mostly acc financial buzzit is a scam.
The scam usually promises homeowners quick cash for their homes. To convince you to sign your deed early, they promise a quick payout. However, the scammers have control of your property once the deed is signed – and still leave you hooked on the monthly mortgage payments.
Finance Buzz reported that paying attention to the details is important to avoid these scams. A legitimate company is unlikely to advertise its services on a cheaply printed flyer posted at the curb or ask you to sign partially blank or complicated documents.