Avoiding the 4 Most Common Real Estate Scams
Scams are prevalent in all businesses, and the real estate market isn't spared from them. Whether it be a contractor who asks to get paid for work not done or a seller projecting sketchy motives, they'll do anything to turn homeowners and prospective buyers' hard-earned money into a quick profit. To help spot these schemes, here's a rundown of the most common real estate frauds. Plus, some advice on how to avoid them. Online Rental/Sale Scams Fraudsters copy a listing and publish it on different websites with their information, pretending they're the owner or manager of the property. Others will hack into original posts and offer them at a very low price. They ask victims to wire a security deposit, months of advanced payment, or broker fees. How to avoid them: Beware of sellers who ask for an upfront payment that must be wired abroad. Read all the terms and conditions before signing anything. Mortgage Compression or Loan Modification Scams T...