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Use social media to identify home buyers, and then, pretending to be the buyer’s title company, send phishing emails and texts via dummy phone numbers asking the buyer to wire money to a fake ...
Real estate scams are nothing new. But as rents, home prices, and inflation remain high in today’s volatile housing market, some industry experts warn scams could be on the rise.
Overpayment scam. An overpayment scam, also known as a refund scam, is a type of confidence trick designed to prey upon victims' good faith. In the most basic form, an overpayment scam consists of a scammer claiming, falsely, to have sent a victim an excess amount of money. The scammer then attempts to convince the victim to return the ...
Faxed scam letters are in no way an uncommon occurrence. Today many scam letters are still faxed to corporate institutions, although they are not a large amount due to cost restraints on behalf of offenders. Electronic mail. E-mail is today the prevalent way in which scam letters are distributed.
3. Mortgage Fraud. This scam involves being misled or deceived about the terms of a mortgage. Predatory lenders might offer loans with extremely high-interest rates, hidden fees, or balloon payments.
Get-rich-quick schemes. Get-rich-quick schemes are extremely varied; these include fake franchises, real estate "sure things", get-rich-quick books, wealth-building seminars, self-help gurus, sure-fire inventions, useless products, chain letters, fortune tellers, quack doctors, miracle pharmaceuticals, foreign exchange fraud, Nigerian money scams, fraudulent treasure hunts, and charms and ...
The most obvious red flag with land scams is hardly unique to real estate fraud. “If the price seems too good to be true, it likely is,” said McGuire. “Scammers often entice buyers with ...
An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and residential transactions.