Look Out For Real Estate Scams
Posted in Advice on April 13, 2023
Keep an eye out for real estate fraud.Selling your house can be an overwhelming experience. You want to find the right buyer and get the best deal, but it’s not always that easy. Unfortunately, some people are looking to take advantage of vulnerable home sellers by scamming them. Real estate scams are more common than you might think, and they can have drastic consequences for you as a home seller if you aren’t informed.
What do real estate scams look like?They say that when it comes to buying a house, buyer beware. But when it comes to potentially getting scammed, we say seller beware. Here are some of the most common types of real estate fraud:
Email hacking and wire fraudEmail hacking and wire fraud can be especially dangerous due to how easily they can go undetected. Scammers gain access to emails containing sensitive information, such as bank accounts or passwords, and use that to withdraw money from sellers. They can also impersonate agents by using similar email addresses and phone numbers to get sellers to wire money for closing costs.
Foreclosure relief scamsForeclosure relief scams target sellers who are facing foreclosure by making false promises that they can help sellers keep their homes. These scammers will often ask for a large sum up front for their services, then never deliver. Then the seller is left with a larger debt and in no better standing with their lender.
Housing scams for sellersThese types of scams involve scammers posing as real estate agents who offer great deals that are too good to be true—because they aren’t true. These types of scams could involve getting the seller to sign over the title to their house with the promise of a great sale price from an interested buyer who doesn’t exist, or forging signatures to use the house as collateral to take out a loan that the seller will then be responsible for repaying.
How to spot a scamNo one wants to be scammed when selling a house. Here are some steps you can take to spot a scammer and protect your investment:
- Find out if they have an address. A professional and legitimate company will always have a physical address you can verify. An online search of the location can help you verify trustworthiness.
- Look for reviews online. Legitimate companies will have reviews online and often readily provide them.
- Never make payments up front. If they are asking for upfront payment before services are rendered, that’s not good. Ask yourself: Why would an investor or buyer demand full payment before closing?
- Always do your due diligence. Never take any claims at face value when engaging with a real estate investor, agency, or buyer. Always make sure you double-check the facts and do your research before entering into any agreement.
You can trust HomeVestors®.Are you looking for the best way to avoid scams when selling a home? Don’t fall for any ‘we buy houses’ scams or cash-for-houses scams. Instead, you should look into working with America’s #1 trusted cash home buyer, HomeVestors®. Our personalized service, customer-forward approach, and guided selling process set us apart from the rest.
- We take the time to understand your unique situation and answer all of your questions.
- We provide a clear outline of what to expect through our seller-oriented process so you can be fully informed.
- We are transparent about what we offer, and we won’t be hitting you with any hidden fees.
- We have plenty of online reviews, and we are proud of our 95%* customer satisfaction rate. Read our reviews before you decide anything!
For more information, fill out our online form or call 866-200-6475 to learn more about us and our process.