5 Scams Targeting New Homeowners

2024-07-02T16:20:45-05:00

Buying a home is exciting. However, scammers may try to use your excitement and inexperience against you. Watch out for these attempts to defraud you. Partner Companies Be wary if you receive a letter from a company claiming to be a partner or associated with your mortgage lender wanting additional information for your loan. Since you have already closed on your home, it is a scam. Do not give out your personal or financial information. Deed Processing Notice If you get a bill stating you owe money for a copy of your deed or property assessment profile, don’t pay it. Property deeds are mailed to you free after a sale or transfer. If you need an additional copy, you can order one through your county clerk’s office. Business Imposters Legitimate utility companies will not call or show up at your door asking for payment through a money order, cryptocurrency, or other nontraceable forms. They also will not ask to see your bill or account information. When you receive a bill, always verify the email, business address, and phone number is correct. Fraudsters often use real company names and logos to trick you into thinking the bill is real. Home Warranty Con Did you know you are not required to purchase a home warranty? If you want one, research and contact companies with good reputations. Beware of companies claiming your home warranty is expiring or has already expired and that payment is needed. Loan Scams Companies that urge you to refinance shortly after closing make money on excessive loan fees—putting you at a higher interest rate than you currently have. It’s always best to research the best lender for a refinance instead of responding to a cold call or advertisement. Since this is not an exhaustive list, work with your trusted REALTOR®. Ask for advice on how to spot real estate scams and ways to protect yourself.

5 Scams Targeting New Homeowners2024-07-02T16:20:45-05:00

What Property Owners Can Do To Detect Fraud

2023-07-11T01:16:41-05:00

Real estate scams are on the rise. One con to be aware of is seller impersonation fraud, in which criminals sell owners’ property without their knowledge. Here are a few things you can do to find out if you’ve become a victim of fraud: Confirm Forwarding Address Many scammers target unoccupied properties such as vacant lots, second homes, or short-term rental properties. If you do not live at the property, double-check that the appraisal district has the correct forwarding address. Set Up Google Alerts To create an alert for your property, sign into your Google account, go to google.com/alerts, and add your name and address. You’ll get an email when there is a matching search result. Check For Activity Make a habit of searching for your property on the market. Some appraisal districts and third-party sites, such as Zillow, Trulia, and realtor.com, offer automatic alerts or email notifications for property activity. If you suspect you are a victim, reach out to the title company and the brokerage “selling” the property, and contact the police.

What Property Owners Can Do To Detect Fraud2023-07-11T01:16:41-05:00

REALTORS® Work to Protect You From Fraud

2022-12-06T01:30:48-06:00

With such large amounts of money involved, real estate transactions are prime targets for scammers. One fraud involves criminals who trick homebuyers into wiring their down payment money to the criminals’ bank account. Once the money is deposited into the wrong account, it’s quickly lost in a labyrinth of bank transfers. The buyers’ funds are difficult to recover. Professionals Looking Out For Your Interests REALTORS®—those real estate agents who join the national, state, and local associations of REALTORS®—work together to make real estate transactions as safe as they can be. Your REALTOR® may talk with you about steps you can take to avoid scams. Texas REALTORS® even provides a flier its members can share with clients to help you learn how to prevent real estate wire fraud. A Century of Protecting Real Estate Buyers and Sellers REALTORS® in Texas have been setting the highest standards for professionalism for more than 100 years. In fact, one reason the association was formed in 1920 was in response to unscrupulous businesspeople. These “curbstoners,” as they were called, were cheating honest Texans in real estate scams, so ethical real estate brokers came together to do something about it. These professionals formed an association that worked tirelessly to require real estate licenses in Texas. REALTORS® also were the driving force to create the Texas Real Estate Commission, the state entity that regulates real estate license holders and safeguards consumers in matters of real property transactions. You can count on Texas REALTORS® to continue to fight on behalf of high standards and consumer protection in the future.  Working With a REALTOR® Gives You Peace of Mind A real estate transaction can be a complex and big financial decision. It’s nice to know that someone is on your side, looking out for your best interests. Your REALTOR® puts your interests first, and REALTORS® in Texas work collectively to make real estate transactions and ownership better for everyone. 

REALTORS® Work to Protect You From Fraud2022-12-06T01:30:48-06:00
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