There are three real estate scams I’ve become aware of recently that you need to know how to protect yourself against.
Selling in Northern New Jersey? Free Home Price Evaluation
It can be a scary world out there. While the majority of people are good and honest, a few bad apples always try to take advantage of others.
Unfortunately, the real estate market is no different. Today I wanted to let you know about some real estate scams I've become aware of recently:
1. The mortgage closing scam. This scam is spreading across the country. It has become so prevalent that the FBI estimates it has led to over $1 billion in stolen or diverted funds in 2017 alone. It starts when hackers gain access to a real estate agent's email account. Then, when it's time to close a deal, the hackers, posing as the real estate agent, send instructions to the homebuyer on where to wire the money.
Of course, it is only after the buyer has sent thousands of dollars to an unknown bank account that the truth comes out—the real estate agent wasn't actually the one reaching out, and the buyer has been scammed.
2. Fake real estate lawyers. This scam is similar to the first one, in that the scammers will impersonate somebody legitimately involved with a deal. In this case, the hackers will impersonate a real estate lawyer who is associated with a particular home sale.
Then, at the time of closing, they will contact the buyer, either by email or over the phone, and tell them the wire destination has been changed. If this scam works, the homebuyer could again be out thousands of dollars.
3. The bait-and-switch. Unlike the first two scams, this scam targets sellers. It also doesn't require any hacking or impersonation—just a dishonest buyer. Here's how it works: A buyer makes an offer that's well above the listed price, the seller happily agrees, and the contract is signed.
But then, the buyer starts procrastinating, making excuses, and dragging out the process for months or even a year. In the meantime, the seller continues to pay costs for the home, and is getting more and more emotionally worn out. In the end, the unscrupulous buyer flatly says they can only buy the home at a lower price, usually under the listed price. And the seller, desperate by now, frequently agrees.
So, how can you protect yourself against these and other scams?
For one thing, avoid sending account information over email. Confirm everything over a phone call (to a number that you already know to be valid)—or even better, in person. And ultimately, find a real estate agent you trust to represent your best interests.
If you are ever in need of a trustworthy real estate agent, my doors are always open. If you have any other questions or you are interested in buying or selling a home, don’t hesitate to give me a call or send me an email. I would be happy to help you.
It can be a scary world out there. While the majority of people are good and honest, a few bad apples always try to take advantage of others.
Unfortunately, the real estate market is no different. Today I wanted to let you know about some real estate scams I've become aware of recently:
1. The mortgage closing scam. This scam is spreading across the country. It has become so prevalent that the FBI estimates it has led to over $1 billion in stolen or diverted funds in 2017 alone. It starts when hackers gain access to a real estate agent's email account. Then, when it's time to close a deal, the hackers, posing as the real estate agent, send instructions to the homebuyer on where to wire the money.
Of course, it is only after the buyer has sent thousands of dollars to an unknown bank account that the truth comes out—the real estate agent wasn't actually the one reaching out, and the buyer has been scammed.
2. Fake real estate lawyers. This scam is similar to the first one, in that the scammers will impersonate somebody legitimately involved with a deal. In this case, the hackers will impersonate a real estate lawyer who is associated with a particular home sale.
Then, at the time of closing, they will contact the buyer, either by email or over the phone, and tell them the wire destination has been changed. If this scam works, the homebuyer could again be out thousands of dollars.
“
Find a real estate agent you trust to represent your best interests.
”3. The bait-and-switch. Unlike the first two scams, this scam targets sellers. It also doesn't require any hacking or impersonation—just a dishonest buyer. Here's how it works: A buyer makes an offer that's well above the listed price, the seller happily agrees, and the contract is signed.
But then, the buyer starts procrastinating, making excuses, and dragging out the process for months or even a year. In the meantime, the seller continues to pay costs for the home, and is getting more and more emotionally worn out. In the end, the unscrupulous buyer flatly says they can only buy the home at a lower price, usually under the listed price. And the seller, desperate by now, frequently agrees.
So, how can you protect yourself against these and other scams?
For one thing, avoid sending account information over email. Confirm everything over a phone call (to a number that you already know to be valid)—or even better, in person. And ultimately, find a real estate agent you trust to represent your best interests.
If you are ever in need of a trustworthy real estate agent, my doors are always open. If you have any other questions or you are interested in buying or selling a home, don’t hesitate to give me a call or send me an email. I would be happy to help you.
thanks for helpful share!
ReplyDeleteIn my point of view, find out good real estate agents will be the most important factors to stay away from scam.
ReplyDeleteReference: https://KWmountainRealEstate.com
ReplyDeletehttps://aPlaceCalledHome.net
https://HomeSpiration.net
At times your website will be loading gradually, better find a far better web host. TrainingroomSG.com
ReplyDeleteThanks for sharing the post. If you are preparing for the FRM Bank exam then, get the proper guidance from frm exam sample questions through which you can easily clear your exam.
ReplyDeleteHey, nice post, really well written. You should write more about this. Boulevard 88 Singapore
ReplyDeleteVery nice post here thanks for it .I always like and such a super contents of these post. dunbar Vancouver real estate is one stop destination offering the latest MLS® listings of houses, townhomes, and condos for sale in Dunbar.
ReplyDeleteThis is such a great information and it will definitely help to so many even I also got a lot much help from this blog, As I am also promoting real estate business, thanks for sharing it here.
ReplyDeleteWhen we find issues related to this type of subject that's not easy to find but some people like you make it easy for us. Thanks for giving us precious time. Property Lawyer Melbourne
ReplyDeleteI used to be suggested this web site by my cousin. I am not positive whether or not this put up is written by him as no one else realize such detailed about my trouble. You’re amazing! Thanks! apartments
ReplyDeleteI’m impressed with the special and informative contents that you just offer in such short timing. If you know more about estate attorney miami visit stevensandgoldwyn.com
ReplyDeleteAfter going through your contents I realize that this is the best of my knowledge as it provides the best information and suggestions. This is very helpful and share worthy. If you are looking for the best sell your home online then visit Sale By Home Owner. Keep sharing more.
ReplyDeleteThe rulers and Government of Dubai have always sought to promote a strong natural association between Dubai and luxury. As a result most real estate developments from hotels to resorts to apartments and villas have focused on the premium segment of high net worth individuals and families. off plan properties dubai
ReplyDeleteReally helpful down to the ground, happy to read such a useful post. I got a lot of information through it and I will surely keep it in my mind. Keep sharing. If you are looking for some useful data and information regarding sydney builders then visit AZ Projects.
ReplyDeleteI wanted to thank you for this great Information and knowledge, I definitely loved every little bit of it. I have you bookmarked your web site to check out the latest stuff you post. Your blog is eye-catching. I get pleasure from it. Thanks for sharing this beautiful piece of writing with me, get more information at california house buyers for more Tropical Homebuyers related information and knowledge.
ReplyDeleteDesire is defined as longing or craving, as for something that brings satisfaction or enjoyment. Desire stresses the strength of feeling and often implies strong intention or aim. In Cambodia real estate investing if you don't have a desire to learn and grow as a human being and really get satisfaction out of it, then real estate investing is going to be hard to do.
ReplyDeleteI appreciate the information you've posted here. If you're looking for the best way to sell your home online, we can assist.
ReplyDeleteThe other way of purchasing real estate leads is by subscribing to a real estate lead generator website that will send you much smaller lists of leads on a regular basis. oportunidade de investimento em orlando
ReplyDeleteI am very thankful to you for sharing this excellent knowledge. This information is helpful for everyone. So please always share this kind of information. Thanks. house valuation calculator
ReplyDeleteWow, this blog is awesome wish to see this much more like this. Thanks for sharing your information. land selling agents
ReplyDeleteThe rise in the number of homeowners who are underwater on their mortgages has increased so much that a very large number of them have decided that they cannot afford to stay in their homes. vendere casa torino
ReplyDeleteI say increase the marketing and the sellers will Call. Not only that but if you are canvassing the world (or at least your area) that you buy problem real estate holdings, eventually you will be acknowledged for what you do and sellers will telephone you strictly on your reputation. this is what is called cost effective marketing. foreclosure queens ny
ReplyDeleteIt’s also important to note that pre-approval letters have expiration dates. In pre approval Virginia, most lenders issue letters valid for 60 to 90 days. If you haven’t found a home within that period, you may need to update your financial documents to extend your pre-approval status.
ReplyDeleteMany Virginia-based lenders are embracing technology-driven prequalification tools that streamline the process. Some platforms allow you to enter basic financial information online and receive tailored results in minutes. These tools prequalify for mortgage Virginia without hard credit check soft credit checks to give you an accurate picture of potential loan amounts and monthly payments, empowering you to plan effectively without harming your credit.
ReplyDeleteFor military families and veterans Soft Credit Pull Mortgage Prequalification Virginia, where VA loans are widely available, soft credit pull prequalification is especially helpful. It lets you confirm eligibility and explore VA loan options without committing to a hard inquiry. This approach ensures you get the benefits you deserve without unnecessary credit score risks.
ReplyDeleteIn today’s digital-first world, many soft pull mortgage prequalification Virginia offer quick and convenient online soft pull mortgage prequalification tools. With just a few pieces of information, you can get prequalified within minutes — no lengthy forms, no in-person meetings, and no credit damage. This speed is especially valuable in competitive housing markets where acting fast is critical.
ReplyDeleteShopping around for the best mortgage rates in Virginia can be tricky if lenders hide costs. When you choose lenders offering no hidden fees mortgage Virginia, comparing options becomes straightforward because every expense is disclosed from the beginning.
ReplyDeleteVirginia’s housing market is influenced by regional dynamics, from Northern Virginia’s proximity to Washington, D.C., to the military hubs of Hampton Roads. These regional factors, combined with broader economic shifts, can affect demand for housing and mortgage rates. For example, areas experiencing rapid job growth often see higher housing prices, making the affordability of a 30-year fixed rate Virginia loan especially important for buyers seeking predictable costs amid rising property values.
ReplyDeleteWhen reviewing FHA mortgage rates online, remember to factor in mortgage insurance premiums (MIP). Unlike conventional loans, compare conventional fha Va mortgage rates Virginia online require both upfront and ongoing insurance payments, which affect your overall cost. Comparing offers online allows you to calculate your total monthly payment more accurately.
ReplyDeleteWith a soft pull mortgage preapproval Virginia lenders can provide tailored loan estimates based on your financial profile. This means you receive personalized information about interest rates, monthly payments, and loan programs suited to your situation—all without formally applying or triggering a hard inquiry.
ReplyDeleteOnline platforms can also help you determine if a cash-out refinance makes sense for your situation. By compare refinance mortgage rates virginia online and available equity options, you can evaluate whether tapping into your home’s value at today’s rates could help fund renovations, debt consolidation, or other major expenses.
ReplyDeleteBeyond just compare mortgage rates Virginia online online platforms often include calculators that estimate monthly payments, total loan costs, and savings over time. These insights are especially helpful for Virginia buyers trying to budget accurately and avoid surprises during the closing process.
ReplyDeleteVirginia homeowners often choose to refinance their mortgages to take advantage of lower interest rates or to access home equity. Refinancing can reduce monthly payments, shorten home loans Virginia, or free up funds for major expenses like renovations or education. With Virginia’s property values remaining relatively strong, refinancing has become a popular way to improve financial stability and maximize investment returns.
ReplyDeletePre-approval also highlights any potential red flags in your credit or financial history before you start house hunting. If your lender identifies issues such as high credit utilization or missed payments, you’ll have time to mortgage pre-approval Glen Allen Va these problems and improve your profile. This proactive approach can help you qualify for better rates and terms by the time you’re ready to make an offer.
ReplyDeleteWhole Sale Mortgage Rates also provide advantages for brokers themselves. By partnering with multiple wholesale lenders, brokers can expand their portfolio of products and tailor solutions to meet a wide range of client needs. This flexibility allows brokers to compete effectively against retail banks while providing clients with personalized service and competitive rates.
ReplyDeleteThe days of accepting whatever rate a lender offers are over. Create Your Rate brings transparency to the mortgage process, allowing you to understand exactly how your financial profile affects your options. You’ll see the direct impact of your choices, making you a more informed and confident borrower.
ReplyDeleteRefinancing is often marketed as a way to “get a better rate,” but it’s much more nuanced than that. In a Mortgage Mastermind, you learn strategies that go beyond conventional advice. For example, when to refinance to shorten your loan term without increasing your monthly payment, how to tap into equity for investment purposes, and how to identify hidden costs that could outweigh potential savings.
ReplyDeleteVirginia borrowers have access to several government-backed loan programs, such as FHA, VA, and USDA loans, each with distinct benefits. Veterans and active-duty military personnel, for example, can take advantage of VA loans offering competitive rates and zero down payment requirements. FHA best mortgage rate comparison Virginia provide more flexibility for borrowers with lower credit scores, while USDA loans support rural homebuyers with reduced interest rates. Exploring these options alongside conventional loans expands your opportunities to secure an optimal rate.
ReplyDeleteThe Richmond real estate market continues to thrive, making custom home builder Richmond Virginia an excellent long-term investment. Properties designed specifically to meet a family’s needs tend to retain their value and often appreciate faster than generic, mass-produced houses. A custom-built home becomes more than a place to live — it’s a personalized asset that can build generational wealth.
ReplyDeleteDebt-to-income (DTI) ratio is another crucial consideration when applying for a jumbo mortgage rates Richmond Virginia. Lenders typically prefer a DTI of 43% or lower, demonstrating the borrower’s ability to manage large monthly payments comfortably. By reducing other debts before applying, buyers can strengthen their profiles and qualify for more attractive jumbo mortgage rates.
ReplyDeleteThrough strong partnerships with leading lenders, Richmond Mortgage Group offers highly competitive mortgage rates. We consistently monitor market trends to help you lock in the best possible deal, saving you thousands of dollars over the life of your loan. Our commitment is not just to get you approved but to secure you the most favorable terms.
ReplyDeleteFor many buyers, the idea of homeownership is tied to financial freedom and stability. Richmond Va low down payment mortgage solutions make it possible to achieve that dream without waiting years to save up. You can invest in your future while keeping your current lifestyle intact, whether that means maintaining a healthy emergency fund, continuing to save for retirement, or covering your kids’ education costs.
ReplyDeleteSome Virginia lenders use soft credit checks to verify limited information without triggering a hard inquiry. These soft pulls allow lenders to offer more Virginia mortgage prequalify without credit pull prequalification results while protecting your score. It’s important to confirm with your lender whether their prequalification process uses soft checks or no credit pull at all to ensure your credit remains unaffected.
ReplyDeleteYour loan-to-value ratio — the balance you owe compared to your home’s appraised value — also influences refinance mortgage rates. Virginia homeowners with an LTV under 80% often qualify for the most competitive rates because they pose less risk to lenders. If your LTV is higher, consider making a lump-sum payment to lower it before refinancing.
ReplyDeleteFor more visit Best Refinance Mortgage Rates Virginia.
Shopping around is one of the smartest things a Virginia homebuyer can do. Since prequalify for mortgage without credit impact Virginia can vary significantly from one lender to another, prequalifying with several lenders lets you compare offers side by side. By using soft credit checks, you avoid the negative effects of multiple inquiries and gain negotiating power.
ReplyDeleteMany veterans and service members assume that every step of the Virginia Va home loan pre qualify no credit hit requires a hard credit check, but that’s not the case. In Virginia, VA lenders typically conduct a soft credit pull during pre-qualification, which doesn’t affect your score. This means you can explore affordability, get realistic payment estimates, and see how much house you can buy—all before officially entering the home-buying process.
ReplyDeleteFor military families and veterans, Virginia mortgage pre approval on demand program integrates seamlessly with on-demand pre-approval systems. Service members can take advantage of zero down payment options while obtaining rapid pre-approvals, making their homebuying journey more efficient and stress-free.
ReplyDeleteVirginia trusted mortgage guidance home buying often comes with emotional highs and lows, but a trusted mortgage guide brings stability and reassurance. They act as your advocate, ensuring your interests remain at the forefront and helping you avoid costly mistakes during negotiations and financing.
ReplyDeleteSmart refinancing isn’t just for homeowners struggling with high payments—it’s also for those who want to build wealth strategically. By reinvesting the savings from a refinance into retirement accounts, investments, or real estate portfolios, Virginia smart mortgage refinance solutions can create a more secure financial foundation. Virginia Smart Mortgage Refinance Solutions are designed to help you leverage your mortgage as a wealth-building tool, rather than viewing it solely as a liability.
ReplyDeleteIn the past, some borrowers fell victim to lenders who advertised low rates but hid high fees within the fine print. Virginia transparent mortgage refinance rates push for transparency has helped protect homeowners from such predatory practices. With stricter regulations and lender accountability, borrowers can now identify unfair loan terms upfront and avoid deals that could harm their financial stability in the long run.
ReplyDelete