Common Real Estate Scams

[MadMax]

Just like in other sectors, scams also occur frequently in the real estate. Some common real estate scams include:

1. Foreclosure Relief Scams: Fraudsters promise to save homes from foreclosure for an upfront fee but then disappear. Example: In 2012, the Federal Trade Commission (FTC) shut down scams that bilked homeowners out of millions.
2. Rental Scams: Scammers post fake rental listings, collect deposits, then vanish. Example: In 2019, a scammer listed a non-existent apartment in San Francisco, defrauding multiple victims.
3. Title Fraud: Thieves steal property identities to sell or refinance homes. Example: In 2018, a Toronto couple lost their home to identity thieves who forged documents to sell it.

These scams exploit victims' vulnerabilities and trust. By the way, have you ever been scammed in real estate market?

 

[Heatman]

Rental Scams is what I would have fallen into 5 years ago when I was so desperate to move into a new apartment. I was introduced to an agent who ended up being a scammer. I was lucky not to have given him my money, otherwise, he would have disappointed me and disappeared.