The real estate industry is facing serious threats particularly from phishing and email scams. They are becoming more frequent and creative. Scammers, on the other hand, keep expanding their skills and are unrelenting in achieving their goals. It is, however, imperative to familiarize yourself with the types of Saint Louis real estate scam. Also, you need to learn how to prevent yourself and everyone around you from falling victims
The real estate industry is a big profitable market. So it comes as no surprise that it is marred by fraudulent activities. Once a scam artist has the opportunity to assume the victim’s identity, there is a high chance that the fraudster can attempt to sell or remortgage a property without the owner’s consent. In their quest to sell house fast, the fraudsters and scam artists may go as far as using the services of a Saint Louis real estate professional. The next step will be to list the property on a renowned real estate website.
There won’t be a sign on the front lawn and it is however impossible for the prospective buyers to inspect the property. It is quite strange for a buyer to purchase a property without due inspection. But unfortunately, many people fall into this trap. In virtually all cases, the rightful property owner is unaware of this fraudulent activity until the supposed new owner tries to move in or a mortgage lender starts asking for payment.
Tips To Protect Yourself From Real Estate Scam
Of course, Saintt Louis real estate scam can be reversed. But the major problem is the time and money for legal fees it will take to reach a compromise with the buyer. It is an experience that comes with a great deal of stress. So how do you keep yourself, loved ones and clients protected from St Louis real estate scam? Here are some useful tips
Keep your passwords protected and change them often
Avoid transacting or doing business activities over public or unknown Wi-Fi networks
Keep your antivirus software updated
Ask for sellers I.D
Always use an escrow so if the deal goes sour, your money is safe
Your attorney should represent you in every transaction
Seek professional advice from a local real estate investment group
Contingencies in the contract is a necessity as it gives you the right to withdraw from a deal if you feel something is not right
If you or your loved one fall victim to real estate scam, the first thing to do is to report the case to the authorities. If you suspect the involvement of a professional real estate company, lawyer or any other type of professionals, report to their regulating authorities. Furthermore, report the case if you feel the seller is acting funny and shady. Reporting any fraudulent activities to the authorities will go a long way in protecting other potential victims. Beware of illegitimate real estate companies. Stay alert!