It seems like there is a new scam to be aware of every day. Governments at the federal and state levels make an effort to stay on top of warnings posted on numerous websites simply to keep law-abiding citizens informed and a step or two ahead of con artists. These fraud efforts are not unheard of in the real estate sector. In addition, thieves are considerably more likely to strike in this sector if they can because real estate is so profitable.
Learn these con artists’ tactics and tricks so you won’t fall for their plots to steal your hard-earned money. To prevent home buyers and sellers from suffering any losses, we want to alert you to a few possible scams when selling your house in Lancaster and give a few warnings about what to be aware of when selling your Lancaster property.
Down Payment Fraud
The banking and other financial sectors have kept up with online security better than the real estate sector. Some real estate brokers connect with their clients using free email services like Gmail or Yahoo. Scammers can create a similar sounding email address using Gmail or Yahoo and may then ask for personal information or, worse yet, down payments by impersonating Gmail those realtor’s personal addresses. Since your listing and your realtor are public, this can help scammers with needed information for scams.
One such scam can go like this. Your property in Lancaster is listed publicly by a realtor named Lance Barker with a local realtor we will call Ace Realty. The criminal watches for the property to go contingent meaning that a deal is in the works. They can then spoof the realtor’s email by creating a fake email address but using the name of Lance Barker. When you receive the email, it will actually say Lance Barker in the “from” section. At that point, the criminal could ask you for your bank routing number and account under the guise of needing it for some earnest money or down payment money to be transferred in from the buyers. Unknowingly, you could give away valuable information to a crook.
Check any emails requesting personal financial information that have a suspicious tone and make sure you are aware of your agent’s email address. Double check that the name and the email match all of the other emails you have been receiving from the agent. Don’t just hit reply and ask if it is really him, because that email would go right back to the criminal.
Typically, though agents do not ask for this information In the first place. Additionally, be sure you are knowledgeable about the real estate transaction’s closing or settlement phase. You ought to be able to get information on this from your agent or attorney. If something seems off or different from how they described the procedure, ask them about it. It can be challenging to get your money back once you unintentionally divulge financial details. The title firm has measures in place to prevent scams, so always bring a certified check with you to closing that you can physically present to them.
Baiting Sellers
Homeowners in Lancaster should be wary of offers that look unrealistically high. Consult your agent or attorney if you receive an incredible offer for your Lancaster property that is higher than what you are asking. There is a scam where so-called purchasers make unbelievable offers in an effort to entice owners into taking their homes off the market and selling them. The buyer soon starts having trouble getting financing, and after some time, they start to make lowball offers instead. The dissatisfied seller accepts the much lesser offer because they have wasted time and don’t want to start over with new showings, etc. The con artist had this in mind from the start.
Make sure to thoroughly examine any possible buyers. Realtors can assist you in doing this. If something seems too good to be true, it might be. To find out if the purchasers are currently employed, ask them questions such, “What do you do for work,” or look them up on a website like LinkedIn. Doing a little social media sleuthing can frequently save hassles.
Title Fraud
Homeowners in the Lancaster region may become victims of this crime. Scammers steal your information through a variety of malicious techniques. They can fabricate a false title to your house if given the proper information. With the help of this title and other stolen personal data, they can obtain a loan based on the value of your house. Shockingly, you learn that your house has been refinanced when you go to sell. Because they might not know how to look up their title information online when something seems off, older borrowers can be easy prey for this fraud. You can find help in Pennsylvania for deed and mortgage fraud in our area here.
We advise you to purchase title insurance from a reputable Lancaster title business. This kind of insurance is offered by respectable title firms in Lancaster. You can find a list of Lancaster title insurance options with some local reviews here. Although it usually comes up in the original closing for your home, it is a good idea to double check that you have it. Of course, you should always exercise caution while securing sensitive data that could be misused to steal your identity.
Our Advice To Avoid These And Other Real Estate Scams – Do Your Research
These scams are just a handful of the ones that buyers and sellers of homes in Lancaster may encounter issues with. You can read about some other real estate scams at Bankrate.com. We advise you to always conduct due diligence and investigate the reputations of all parties involved in a real estate transaction. Verify the reputation of anyone you want to use, from movers to attorneys to real estate brokers. Consult the Lancaster Better Business Bureau as well as reviews on Google and Yelp.
While we are unable to cover every scam that might exist, we can urge you to be vigilant and seek assistance if you have any doubts. These scams often can happen to those who are stressed and need to sell because of a pending foreclosure or illness in the family. We at Awakened Home Buyers pledge to be open and truthful with our clients. Give us a call if you own a property and are looking for a fast cash offer that doesn’t involve any inspections, repairs, or remodeling. In Lancaster, we may purchase homes quickly and with cash.
We will make you a pressure-free cash offer. We are not bothered by your questions about the price we offer and will readily explain our calculations. You can read more about how the process works here. We can also offer references. We wish you well in the selling process and are happy to offer any advice you feel would be helpful, especially if you suspect a scam and just want to get some quick input on how to handle the situation or verify that the situation is legitimate. Get in touch with us for advice, or a helpful evaluation of your property for a cash offer. Please reach out for more information at (717) 925-7465.