As cited on Vei Homes, anybody may end up being a victim of a real estate scam. A number of sellers and buyers as well as renters are truthful; however, there are former real estate professionals, landlords, real estate agents, title agency workers, and even bankers, who are not honest according to a recent USNews Money article.
According to a report on Fox News, the worst sort of con artists preys on the most desperate of homeowners who are facing foreclosure: "These fraudsters come calling, telling a distraught homeowner that they can offer a helping hand, like a loan modification that can help you save your home. All it will cost is an up-front fee - maybe a few hundred dollars - and they can help you save your home. But these scammers will just take your money and run, leaving you a little poorer and no better off than before."
Based on an article on Vei Homes, here are things you have to consider in order to safeguard yourself and your money against scammers:
- Never rush into a deal. While there are a lot of great deals out there, never feel any pressure into one you will regret later on. Be aware of those owners and landlords who would tell you that they badly need to rent or sell a property right away, and then they will urge you to go look at the exterior, but only offer pictures of the interior. These people might tell you that you can then pick up the keys at their dubious office after you send them a deposit. As soon as you will go to pick up the keys you realize you've been deceived.
- Never hesitate to raise questions. "Some sellers may try to sell homes they know have problems but represent them as perfectly habitable. They lie on the property disclosure statement, and sometimes the inspectors and Realtors are complicit. To protect yourself, ask specific questions about the property, such as insurance claims made on the house, and why they are selling it. If they don't have a good reason, that could be a red flag. While there are professional scammers, most home sellers aren't and may tell the truth or stumble on their answers," according to an article on Vei Homes.
- Scrutinize all the details. "Do your homework: if getting a mortgage, understand the type you're getting, make sure the owner actually owns the property and have a reputable, licensed Realtor guide you through the process. If you're not sure, educate yourself or find trusted friends and associates to help you understand what you're buying, selling or renting. False ownership is epidemic in some parts of the US; if considering a property lease or lease to own property, check the county or municipality property records and make sure whoever claims to own the property, actually does," as reported on Vei Homes.
- Know your Realtor. "Is the realtor with whom you are working or considering working actually a licensed Realtor? Some Realtors who are no longer licensed are misrepresenting themselves and still selling homes. Just because he or she has a splashy online presence and has been in business for years, doesn't mean they haven't let their license lapse. Search online your state's department of professional and occupational regulation to make sure a license is still valid. In Virginia, you can go to DPOR to check. Even if licensed, it's a good idea to check online to see if anything concerning pops up, or ask for a referral from a good friend or family member," according to an article on Vei Homes.
Now, if you feel any discomforts with your transactions, avoid it. Drop the deal. There are in fact a number of loan officers as well as real estate agents who will encourage you to fake your application to make it look even better. Just avoid doing it. Otherwise, you'll become a co-scammer yourself, and this will definitely get you into trouble if the scheme will be found out by the authorities.
