Real estate fraud is a very real thing. To make sure you're as protected as possible during your transactions, look out for the warning signs mentioned in this post by Land Title in Minnesota.
Warning Signs of Real Estate Fraud
Whether you like to admit it or not, the world has some bad people in it: people who want to take advantage of you, want to take your money from you, and more. That's why it's imperative that you be careful, especially in high-risk situations. For that reason, you should read the post below to find out common warning signs that let you know you're stepping into real estate fraud.
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The Seller Won’t Meet You
One of the shadiest things a real estate agent or a seller can do is to avoid meeting you (saying they're too busy to see you or that they prefer doing business over the phone or online). This is especially common in transactions that happen when the parties involved are in different towns. In any case, you should absolutely meet the seller or agent face to face at some point. Scammers can pressure you to buy a property that's not theirs or that's not even up for sale. Meeting them can prevent this situation from unfolding.
The Seller Avoids Showing You the Estate
Another common scheme scammers use for real estate fraud is to avoid showing you the property they're supposedly selling. As in the previous scam, they may tell you they're too busy to tour the place with you, and they may encourage you to go see it on your own. And, as in the previous scam, this can mean that they're not even in charge of selling the place. That's why it is important that you tour the property with the seller, as this will give you certainty that they mean real business, and it will, obviously, allow you to see the place.
They're Withholding Information
If you're thinking about purchasing an estate, you need to have as much information on it as you can to ensure that you're making the right financial decision for yourself. However, con artists may withhold certain information to get you to close the deal (even if it's detrimental to you). For instance, it's possible that they won't give you a full home inspection report, or that they'll try to convince you to avoid getting one done. Whatever the case, know that as a buyer, you're entitled to information, so don't let yourself get played!
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They Ask You to Do Something Shady
There are myriad different shady tactics scammers will use to get you entangled in their business. One of them is when they ask you to write down false information in a form to "get you a better deal." They may also require you to sign blank pieces of paper, or engage in some other type of commitment that doesn't seem totally right. If your gut is telling you that there's something shady going on, follow it. In these situations, it is far better to be safe than sorry.
They Want You to Wire Money
Wiring money is very sketchy, especially when you're going through a real estate transaction and the "agent" wants you to wire the money. This is because wired money can't be traced, meaning that the perpetrator can get away with your hard-earned cash without being caught. For all you know, the seller gave you false information about who they are or where they work, so don't risk it by wiring all of your money to them.
They Are Pressuring You Into Buying
Last but not least, if you're feeling pressured to seal the deal, keep your eyes open. A lot of real estate agents work on commission, so it's normal for you to sense a bit of urgency coming from them. However, if they're being too pushy, it just may be that they're trying to scam you. This is because a con artist will tell you to buy immediately "to get a better price," but in reality, they just want you to be careless, so you fall victim to their fraud.
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