Are Hackers Targeting Your Real Estate Deal? Here’s What You Need to Know

Mortgage scams are increasingly common in 2024, and as a Realtor, I see these frauds evolving to target homebuyers, sellers, and even renters. Here are some of the most common types of scams affecting the real estate industry today:

1. Wire Transfer Fraud: This is one of the most dangerous scams, where hackers infiltrate email systems between buyers, title companies, and agents. They monitor communication and then, at the last minute, send fraudulent emails that instruct buyers to wire funds to a scammer’s account. This type of fraud can result in losing hundreds of thousands of dollars. Always verify wire instructions by calling the title company using a known, secure phone number.
   
2. Foreclosure Relief Scams: Struggling homeowners are prime targets for scammers offering fake foreclosure relief services. These fraudsters charge upfront fees, promising to negotiate with lenders or stop foreclosure, but disappear with the money, leaving homeowners in even worse financial situations. To avoid this, homeowners should always work directly with their lender or consult a HUD-approved counselor.
   
3. Title Fraud: Scammers steal a homeowner’s identity to transfer ownership of a property into their name. They then take out loans or sell the property, leaving the rightful owner with legal battles. This scam is particularly common with vacant properties or homes owned by elderly individuals. Regularly checking property records and purchasing title insurance can offer protection.
   
4. Rental Scams: Scammers post fake rental listings to lure renters into paying deposits for properties that either don’t exist or aren’t available for rent. In competitive markets, these scams can be particularly convincing. Always verify rental properties in person before making any payments.

Staying vigilant and verifying every detail during real estate transactions is key to avoiding these scams. If you need advice or have questions about navigating the current real estate landscape, feel free to reach out!

Curious about your home’s value in today’s market? Visit HomeValuePro.com. Have questions? Please text/call me at 916-508-5353 or email me at [email protected]. I’m always happy to help.