In today’s marking buying or renting a home can be stressful. So, the last thing you should be worried about is being scammed during real estate transactions. Today there are more and more creative ways to get scammed while home searching.
Here are a few common scams to keep on your radar. Follow these tips to avoid becoming scammers next victim:
- Loan flipping. Loan flipping is when a lender persuades the homeowner to refinance their home mortgage repeatedly. High fees and points with each transaction are charged and homeowners get stuck with higher loan payments. Seniors are especially vulnerable to these scams. If lenders are seeking you out take that as a warning sign.
- Rental scams. Scammers post property on social media or Craigslist to lure in unsuspecting renters. They may use photos from other listings and have no connection to the property or its owner. Be suspicious of anyone who asked for a cash deposit upfront to see a property. Avoid doing transactions via email or on the phone.
- Moving scams. Moving is expensive. Scammers overcharge clients or do not show up after taking your deposit. Avoid the temptation to go with the most affordable offer to transport your belongings. Ask the moving company for their license number and see if they have any complaints lodged against them.