5 Scams Targeting New Homeowners


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

How to Avoid Fake Rental Listings


Looking for a rental home? Beware of real estate scams. Here are four tips to avoid being a victim. Google the Landlord or Property Manager If you contacted the owner of the property, check to see if that person’s name is on the county tax records. If you spoke with a property manager or real estate agent, Google the name to see if that person shows up on a company’s website. Search the Address Scammers often skim legitimate listings and post them on a site they control. If you’re looking at a place for rent and see it listed for sale, that could be a sign of a scam. If you search for the address and find it listed on other real estate sites, see if the person you talked to is listed anywhere.   See it Yourself Ask to meet the person you’re talking to at the property and see it in person. Even a scammer who is bold enough to appear in person won’t have access to the property.  Take Your Time Don’t let anyone pressure you to pay a deposit or do anything else until you’re sure that the listing is real. You risk losing a legitimately popular rental, but you avoid losing money or being a victim of identity theft. The rental market can be competitive, but that doesn’t mean you take unnecessary risks. A member of Texas REALTORS® can help you find a place to rent.

How to Avoid Fake Rental Listings2022-11-08T01:15:21-06:00

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