5 Signs to Spot a Real Estate Scam and How to Protect Yourself as a Homebuyer

Real estate scams are evolving and getting trickier. Buyers, sellers, renters, and owners must be aware of these issues. Scammers might pretend to be agents or lenders. They can trick people out of money, personal information, or the home’s title. However, there are warning signs to look out for and ways to protect yourself. Keep reading to learn more!

New River Valley Real Estate Market Watch

As of December 2024, the median list price of homes in Montgomery County was $349,950. However, local real estate trends are always changing. Contact The Louise Baker Team for help buying and selling homes in Virginia’s New River Valley.

5 Real Estate Scams and What to Look Out For

1. Wire Fraud Scams

These scams involve escrow and mortgage transactions. Scammers often impersonate real estate agents and trick victims into sending money to the wrong accounts. Unfortunately, getting their money back is usually difficult.

To keep yourself safe, always call the number listed with the wiring instructions before you send funds. During the call, verify every detail. Scammers can be pretty persuasive and might rush you, but remember, it’s okay to take your time and double-check everything!

2. Foreclosure Relief Scams

Another thing to be aware of is foreclosure relief scams. Scammers often target homeowners in foreclosure, promising to help stop it or modify loans for a fee upfront. Sadly, this can lead to losing money and the chance to save your home. It’s best to avoid paying for services before completion. Before taking action, verify any companies or attorneys through state bar websites.

3. Home Inspection Scams

Inspections are a crucial part of real estate due diligence. It’s essential to be aware that some inspectors may not have your best interests at heart and might overlook issues in your home. To ensure you’re getting a thorough inspection, take the time to research inspectors and ask them questions. Don’t hesitate to review the final report yourself.

4. Rental Scams

Be cautious when searching for a rental. Some scammers post fake listings or try to switch properties on you. Always visit the property in person, double-check the listings, and never pay for a rental before seeing it!

5. Title or Deed Scams

Watch out for scammers who might try to transfer property ownership without your knowledge or sell you homes with fake titles. A good way to avoid these scams is to keep an eye on your property details. Many counties offer services to monitor property transactions. Having a title search can also protect against fraudulent deeds.

Most scammers lack proper documentation. They also use pressure tactics and make unrealistic guarantees. Staying vigilant and working with trusted professionals can help safeguard you against real estate scams. Just be cautious and do your research to avoid falling into these traps!

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