Since the real estate business deals with large sums of money, it is plagued with scammers. To ensure you won't fall victim to them, read this post by Land Title in Roseville.
Have a safe and successful closing process with help from Land Title. Call 651-697-1900 to request more information on the services they offer.
How to Avoid Real Estate Frauds
Have a Trustworthy Team By Your Side
First things first: if you're new to the real estate business, it may be hard for you to notice the sketchy behavior and tactics that scammers may use to get money off of you. For that reason, the first tip is to have a trustworthy home buying team by your side. Having a reliable real estate agent, real estate lawyer, home inspector, and other similar team players, will help you be guided into safe real estate transactions.
Avoid Doing Business Over the Internet
The Internet is an incredibly valuable tool for the real estate business, since it's through it that you can find listings, work with other people, and more. Still, if the seller is a little bit too reliant on the Internet, you should be wary, as con artists may use it to scam you. For example, if the seller won't meet you face-to-face and prefers to deal with you online (citing that they're too busy to meet), you should be very careful. Always meet the seller in person and have them show you the property.
Get Your Own Home Inspection and Appraisal
The seller is required by law to provide a home inspection report and a home appraisal to you, so you can have as much information as possible on the property. Still, scammers manipulate the information in said reports to make you pay more for a property that simply isn't worth it. To prevent that situation from taking place, it's highly suggested that you work with your own home inspector and appraiser. Doing so will guarantee that you'll have a more objective view of the place you're interested in buying and its value.
Do Not Wire Large Sums of Money
In some occasions, wiring money can be extremely helpful, especially when you need to get money from one place to another in a fast manner and you can't do a regular transference at the bank. Still, wiring money is the way con artists and scammers get paid. It is their preferred method since the money can't be traced back to you or to them. For that reason, if at some point the seller asks you to wire large sums of money, alarms should go off in your head.
Purchase title insurance in Roseville to help you have a safe real estate deal. Call Land Title at 651-697-1900 to learn more of how they can assist you.
Avoid Shady Behavior at All Costs
If a seller asks you to wire money, you should be made suspicious that something fraudulent may be going on. Still, this isn't the only tactic they use to get some of your hard-earned money from you. For example, it may be that the seller asks you to sign a blank piece of paper. Scammers then use your signature to get you into trouble. This is seriously sketchy, so if they ask you to do something similar, you should say 'no' and run in the other direction.
Don't Get Rushed Into Making a Decision
A lot of the times, real estate agents work on commission. Not only that, but the longer a property is on the market, the more its value diminishes. That's why it can be understandable that you feel a bit of pressure coming from the seller.
Still, if you feel they're being a little bit too pushy, beware. Scammers will pressure you into making rushed decisions that won't benefit you. You should be able to take your time to decide what's most convenient for you.
Get Insurance When Possible
Lastly, and even though it may seem obvious, you should get insurance to keep you protected from some of the frauds con artists do. For example, a scammer may sell you a property that has certain irregularities in its deeds and its records. In the end, you may lose all of the money you invested along with your claim on the property. To ensure your money will remain as intact as possible, you should get title insurance to have a safe real estate transaction.
Call Land Title at 651-697-1900 for all of your title services needs, including professional title searches and title insurance in Roseville.
