The term “real estate fraud” refers to any scheme in which a piece of property is used as a front for the theft of money. And over 13,600 individuals fell prey to housing-related fraud in 2018, according to the FBI.
Among the most common types of real estate fraud include mortgages. The promotion of false information is a common tactic used by dishonest loan officers and brokers to scam naive customers out of their money.
However, mortgage fraud occurs if any information on a new mortgage is false. One common kind of mortgage fraud involves borrowers artificially increasing the value of their house.
In what ways may you safeguard myself from becoming a victim of fraudulent real estate transactions?
It’s not always easy to spot a real estate scam since con artists often use cutting-edge technology and conduct most of their interactions with their victims online. Yet, you should always be on the lookout for potential threats to your identity and financial resources.
Some strategies for warding against property scams:
- Seek the advice of a qualified expert: Only do business with reputable, licenced mortgage brokers and real estate professionals. If anyone unexpectedly gets in touch with you, it’s important to make sure they’re who they claim they are.
- Make sure your private data is safe: Never trust anybody who asks for your social security number or other sensitive information. Don’t respond to emails or click on websites that ask for sensitive financial information.
- If possible, avoid paying any fees right away. You should never give someone who visits your house any money up advance, particularly if they are pushy.
- Watch out for unexpected alterations: Take the time to confirm the veracity of any last-minute changes you hear about while purchasing a house. Don’t make any rash or emotional decisions.
Steps to take if suspected a real estate scam.
- One should contact the police if you believe you have fallen prey to a real estate fraud. The following are some suggestions:
- Get in touch with your mortgage company.
- If you suspect a real estate fraud, contact your local authorities.
- Don’t hesitate to contact the Major Federal Commission with any concerns.
Finally, it is never a smart idea to participate in off-market transactions, regardless of how attractive the bargain may seem. Check out the link below https://www.texassellmyhouse.com/we-buy-houses-saginaw-tx/