If you know about the house-selling process, you get to know that many scammers exist. You can learn more about the scams through this website https://www.kcpropertyconnection.com/we-buy-houses-rogers-ar/.
Common Scams in House Selling
Following is a list of some common scams through which people get scammed and lose huge amounts:
- Wire Fraud
When a hacker gets access to the email account of one of the parties who are involved in the sale process like a real estate agent, title company, or the seller and buyer. This type of hack causes wire fraud. After getting access to the email account, the attacker will send bogus or fraudulent emails that have instructions to wire funds to a fake account. To avoid this wire fraud scam, you can verify all the wire transfer instructions over a phone call with a known and trusted party.
- Fraud With Title
Some scams are also related to the title where the fraudster claims as the rightful owner of the property and tries to sell the property without giving information or taking consent from the legitimate owner. This fraudster can even create fake documents so that they can steal the identity of the owner. If you want to avoid this type of fraud, you need to check the status of the property title daily and monitor all suspicious activity.
- Equity Skimming
Equity Skimming is another common scam in property selling where a fraudster offers to take over the mortgage payments on the house in exchange for the deed to the property. After this, the scammer will rent out the property but it doesn’t make mortgage payments that can lead to foreclosure. Hence to avoid this type of scam, it is crucial to work with reputable buyers and make sure to never sign over the deed without receiving full payment.
A scammer can target a homeowner in multiple ways to exploit them, indulge them in fake procedures, and take all the money. Hence it is advised to trust only those sellers or buyers who are trusted and make sure you are checking your email account regularly. If you find any suspicious activity, directly inform the legal authority of that section and they will take the necessary actions.