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How common is fraud in real estate?
How common is fraud in real estate? What should we be aware of and watch out for regarding fraud?
Asked By Darren | Sacramento, CA | 292 views | Tips Advice | 1 year ago
Answer(4)
Chris Yochum
Dickson Realty
It is fairly common. Wire fraud is the most common.
- 1 year ago
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Lynne Pruell
Realty 100 LLC
The most common fraud you will find in real estate will involve; Rental, Mortgage and Foreclosure.
or Affordable Housing.
Rental fraud - is when a person is posing as the landlord and advertising a rental property as their own. They will prepare lease contract and request security deposits only to later find out you are scammed. (Make sure you use a licensed realtor). Mortgage fraud is when someone is misrepresenting information of income, assets on a mortgage application to secure a property. Foreclosure fraud is the homeowner is being targeted by individuals promising to help them save their home and negotiating with their lender. If you are facing foreclosure, understand your options. A local realtor/attorney with background in short sales/foreclosures will be able to assist.
- 1 year ago
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Joanne Patience
Iron Valley Real Estate North Florida
Darren, fraud in real estate is very common. The main frauded is wiring funds to the title company for closing. Buyers should be aware of emails with instructions for wiring funds to closing. Always verify with your Realtor and the Title Company. We sometimes see someone representing they are the property owner when they are not.
- 1 year ago
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Patricia Billings Malone
C21 Masters Malone Homes Group
Hi Darren,
Absolutely, like most other things there is fraud in real estate. Biggest one I am aware of is the email fraud. Never ever believe an email that your escrow company is changing the routing number to wire your funds without speaking directly to the escrow officer. Escrow will always confirm the bank account that you want it wired to right before escrow closes. Also, never sign the Title paperwork over to someone else. Ask a real estate attorney or a Realtor that you can trust before you sign any documents. People get tricked into signing over the documents and then their home is gone. Also, to do a loan modification noone is allowed to charge you. Do not pay anyone upfront to do a loan modification. This is illegal in California.
- 1 year ago
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