Buying, selling, and owning real estate, including homes, are often the most expensive transactions many individuals and households will undertake in their lives. Hundreds of thousands of dollars can be involved, attracting dishonest tricksters and scammers who may wish to take advantage of those involved.
Why are even the most diligent and intelligent of people susceptible to being scammed in real estate-related deals? It is human nature for us to want to make the most out of any transaction, so we may have a tendency to want to trust those with whom we are working. There are also other reasons real estate scams are successful. One is that real estate has a language of its own, automatically putting the many home buyers, sellers, or owners at a disadvantage if someone attempts to mislead them. If a person doesn’t fully understand terms like escrow, reverse mortgage, security deposit, contingency, and others it can lead to confusion and even purposely being taken advantage of.
The possibility of being scammed is increased by the fact that most get involved in real estate transactions relatively infrequently throughout their lives. This leaves them inexperienced and vulnerable to those wishing to take advantage of them.
Those involved in a real estate transaction can better protect themselves by increasing their awareness of the various scams being perpetrated. They should trust their instincts and remember that if something appears to be too good to be true, it probably is. Another key to avoiding scams is to only use reputable professionals with whom to assist in the process.
Whether you are a buyer, seller, owner, or renter, understanding common real estate scams, how to separate fact from fiction, and what you can do if you get caught up in one can help you protect your hard-earned money. It’s also important to understand that these situations aren’t the norm—a good dose of skepticism is often helpful, but being fearful to the point of avoiding any kind of transaction can be harmful in its own right.
The full guide can be found here – The Big List of Scams and Misleading Tactics in Real Estate: Tips for Protecting Home Buyers, Sellers, Owners, and Renters
|Real Estate & Home Buyers||Real Estate & Home Sellers|
|Current Homeowners||Renters & Landlords|
|Senior Citizens||Staying Informed and Alert|
|Check out the full guide at KrisLindahl.com.|
Binary Blogger has spent 20 years in the Information Security space currently providing security solutions and evangelism to clients. From early web application programming, system administration, senior management to enterprise consulting I provide practical security analysis and solutions to help companies and individuals figure out HOW to be secure every day.