From buying to renting to selling, real estate scams can target landlords and local residents in many situations. It’s a criminal practice that can seriously damage your wallet, credit and peace of mind.
Wire scams
According to realtor.com, one of the common real estate fake-outs is the wire scam.
“This is basically a scam where someone pretends to be your real estate agent by hacking into or copying their contact information and calling you to deposit good-faith money or an earnest deposit into a fake bank account,” Ron Wysocarski, a real estate broker based in Port Orange, FL, told realtor.com.
Before fulfilling any money transfer requests, Wysocarski said it is important to meet your real estate agent face to face to ensure everything is on the up and up.
Foreclosure relief scams
For those on the brink of losing their homes, not all financial relief opportunities are legitimate.
In foreclosure relief scams, scammers target individuals on the brink of losing their homes, Rocket Mortgage reported. A fake company will reach out to the victim with promises that it can stop the foreclosure or modify a loan in exchange for payment. It’s a scam.
To avoid the scam, Rocket Mortgage said that you should never pay for a service before it has been completed. The company also suggested researching the individual or company that is promising to help you.
Fake listing scams
Another popular scheme is the fake listing scam, according to Bank Rate. Scammers will post fake…
