Beware of These 2 Common Real Estate Scams

There are two simple solutions for avoiding being victimized by a couple common real estate scams we are seeing out there.

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Whether you are looking to buy or rent a home, there are a couple common real estate scams that you need to watch out for.

The first scam is wire fraud. During a real estate transaction, you will have to wire your earnest money deposit and your purchase funds to the title company. At this juncture, scammers will send you an email that appears to be from your real estate agent or the title company that asks you to wire your funds to a certain bank account. Believe it or not, some people actually do this without checking with their agent first.

This is why, if you receive an email from anyone asking you to wire money, the first thing you should do is pick up the phone and verify that email and its contents with your Realtor or title company.

Always talk to your Realtor before you wire money via email.

The second scam to watch out for involves Craigslist. In this situation, scammers will find a property that is for sale and then list that property on Craigslist as available for rent. They will then instruct anyone who shows interest in renting the property to send them a deposit check to “hold” the property. Once they send that deposit check, you can rest assured that that money is gone for good. People fall for this scam because the rental rates these scammers advertise are invariably too good to be true.

Websites like Craigslist are not really monitored by anyone, so to avoid falling for this scam, you can check the tax records of a property in order to verify that you are communicating with its actual owner.

If you have any more questions about these scams and how to avoid them or you have any other real estate needs, feel free to give me a call or send me an email. I would be glad to help you.

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