Buying a home may be the largest and one of the most important purchases in your life. Many emotions flood into a person’s mind at the thought of buying a home: happiness, unease, joy, and fear. Overall, this is a great experience, however, in today’s world, you must be cautious. There are plenty of scams and tricks criminals will use to take advantage of you.
In more recent times the housing market has seen a shift of searching for homes to the online market. There is almost an infinite number of houses available for viewing online. Taking advantage of this, social engineers have created detailed attacks. Usually taking existing listings and re-branding them as their own, attackers will lower the price to something you could not pass up. Be wary if your are asked to wire money before signing legal paperwork, as this is how attackers will usually request payment.
Title fraud has the potential to become a dangerous scam because it involves identity theft. Social Engineers will usually forge documents to give the illusion they are the property owners. Then, using the documents the social engineer will take a new mortgage out on the property. With the loan secured, the fabricated owner takes the money and then leaves the real owner with the remaining payments. Protecting personal information and maintaining title insurance are ways of protecting yourself from title fraud.
Targeting currently, or soon to be, homeowners dealing with foreclosure, fake companies may claim to offer salvation from a horrible ending. The attacker will put forth a solution such as a reduced mortgage all for negligible fees or some information. Be wary of upfront fees, unsolicited calls, guaranteed safety from foreclosure, or sketchy refinancing options.
RENTING FORECLOSED HOMES
Homeowners may list their homes for sale or rent if they are facing foreclosure As the homeowner collects rent or payment the eviction date still draws near. When it arrives, however, the renters will be forced to relocate, sacrificing personal and financial security. To protect yourself from this make sure you investigate the backgrounds of property managers and owners. Something may be too good to be true. This property may already be foreclosed. If suspicious you may be able to reach out to your county recorder about a notice of default on the property in question.
If possible do not pay in cash or wring money.
Do your research when it comes to a property you are interested in.
Work with a credible real estate agent; you do not have to do everything yourself