Homeownership Scams On 2024

FraudsWatch.com

&NewLine;<p><strong>Homeownership scams<&sol;strong> have been around for years&comma; but they seem to be on the rise in 2024&period; These scams can be very costly and may lead to the loss of your hard-earned savings&period; This article will discuss some of the most common <em>homeownership scams<&sol;em> and how to protect yourself from them&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<h2 id&equals;"common-homeownership-scams" class&equals;"rb-heading-index-0-95556 wp-block-heading">Common Homeownership Scams<&sol;h2>&NewLine;&NewLine;&NewLine;&NewLine;<p>As the housing market continues to heat up&comma; so do the number of scams targeting potential homeowners&period; Scammers are using a variety of tactics to trick people into handing over their hard-earned money&comma; often for properties that don&&num;8217&semi;t exist or that they don&&num;8217&semi;t have the right to sell&period; Here are some of the most common <em>homeownership scams<&sol;em> and how to avoid them&colon;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ol class&equals;"wp-block-list">&NewLine;<li><strong><a href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;navigating-the-rental-landscape-identifying-and-avoiding-fake-rental-listings-in-2024&sol;" data-type&equals;"link" data-id&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;navigating-the-rental-landscape-identifying-and-avoiding-fake-rental-listings-in-2024&sol;">Fake Listings<&sol;a>&colon;<&sol;strong> Scammers may create fake listings for homes that do not exist or that are significantly overpriced&period; They may also use stolen photos of real homes to make their listings more appealing&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Pre-Foreclosure Scams&colon;<&sol;strong> Scammers may contact you and claim that they are the owner of a home that is about to be foreclosed on&period; They may offer to sell you the home at a discounted price&period; However&comma; the home may not actually be in foreclosure or may have other problems&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Title Theft Scams&colon;<&sol;strong> Scammers may steal the title to a home and then sell it to you&period; Once you have purchased the home&comma; you may find that you do not actually own it and that the true owner is coming to reclaim it&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong><a href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;mortgage-fraud-what-it-is-and-how-to-action&sol;" data-type&equals;"link" data-id&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;mortgage-fraud-what-it-is-and-how-to-action&sol;">Mortgage Fraud<&sol;a>&colon;<&sol;strong> Scammers may help you qualify for a mortgage that you cannot afford&comma; and then they may pocket the difference between the amount you borrow and the amount you repay&period; This can lead to foreclosure and <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;tag&sol;financial-fraud&sol;" title&equals;"financial" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"1033">financial<&sol;a> ruin&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Escrow Scams&colon;<&sol;strong> Scammers may contact you and claim to be representing an escrow company&period; They may ask you to send them money to hold in escrow until the purchase of your home is complete&period; However&comma; they may never actually deposit the money into escrow and may disappear with your money&period; <&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Home Inspection Scams&colon;<&sol;strong> Scammers may pose as home inspectors and offer to inspect your home before you purchase it&period; They may then provide you with a falsified inspection report that fails to disclose any major problems with the home&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Contract Scams&colon;<&sol;strong> Scammers may use deceptive or misleading language in contracts to trick you into agreeing to terms that are unfavorable to you&period; Be sure to read all contracts carefully before signing them&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Home Warranty Scams&colon;<&sol;strong> Scammers may offer you a home warranty that they claim will cover repairs to your home for a certain period of time&period; However&comma; the warranty may be worthless or may not cover the types of repairs you need&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>HOA Scams&colon;<&sol;strong> Scammers may pose as representatives of your homeowners association &lpar;HOA&rpar; and contact you to demand payment for fees or fines&period; Be sure to verify the identity of anyone who contacts you claiming to be from your HOA before paying any money&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong><a href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;real-estate-and-property-scams-how-to-spot-and-avoid-them&sol;" data-type&equals;"link" data-id&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;real-estate-and-property-scams-how-to-spot-and-avoid-them&sol;">Home Equity Scams<&sol;a>&colon;<&sol;strong> Scammers may offer to help you tap into the equity in your home by refinancing your mortgage or taking out a home equity loan&period; However&comma; they may charge you excessive fees or interest rates&comma; or they may not actually provide you with the <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;loans&sol;" title&equals;"loan" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"331">loan<&sol;a> proceeds&period;<&sol;li>&NewLine;<&sol;ol>&NewLine;&NewLine;&NewLine;&NewLine;<p>By being aware of these common homeownership scams&comma; you can help protect yourself from losing your hard-earned money&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<h2 id&equals;"how-to-protect-yourself-from-homeownership-scams-on-2024" class&equals;"rb-heading-index-1-95556 wp-block-heading">How To Protect Yourself From Homeownership Scams on 2024<&sol;h2>&NewLine;&NewLine;&NewLine;&NewLine;<p>Homeownership is a dream for many people&comma; but it can also be a target for scammers&period; In 2024&comma; there are more ways than ever for scammers to take advantage of people who are looking to buy&comma; sell&comma; or renovate their homes&period; Here are some tips to help you protect yourself from homeownership scams&colon;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Do your research<&sol;strong><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong>Before you start looking for a home&comma; do your research and learn about the process&period;<&sol;strong>&nbsp&semi;This will help you understand what to expect and avoid being taken advantage of&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Check online reviews of real estate agents&comma; lenders&comma; and other professionals&period;<&sol;strong>&nbsp&semi;This can help you find reputable people to work with&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Don&&num;8217&semi;t be afraid to ask questions&period;<&sol;strong>&nbsp&semi;If something doesn&&num;8217&semi;t seem right&comma; don&&num;8217&semi;t be afraid to ask questions&period;<&sol;li>&NewLine;<&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Beware of high-pressure sales tactics<&sol;strong><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong>If a salesperson is pressuring you to buy or sell a home&comma; be suspicious&period;<&sol;strong>&nbsp&semi;Take your time to make a decision and don&&num;8217&semi;t feel obligated to buy or sell a home right away&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Don&&num;8217&semi;t sign anything that you haven&&num;8217&semi;t read and understood&period;<&sol;strong>&nbsp&semi;Take your time to read any contracts or documents before you sign them&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Don&&num;8217&semi;t give out personal information over the phone or email&period;<&sol;strong>&nbsp&semi;Scammers can use this information to steal your identity or commit fraud&period;<&sol;li>&NewLine;<&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Use a reputable real estate agent<&sol;strong><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong>A real estate agent can help you find a home that meets your needs and budget&period;<&sol;strong>&nbsp&semi;They can also negotiate on your behalf and help you avoid scams&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Make sure that the real estate agent is licensed and insured&period;<&sol;strong>&nbsp&semi;You can check this information with your state&&num;8217&semi;s real estate commission&period;<&sol;li>&NewLine;<&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Get a home inspection<&sol;strong><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong>A home inspection can help you identify any potential problems with a home before you buy it&period;<&sol;strong>&nbsp&semi;This can help you avoid expensive repairs down the road&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Make sure that the home inspector is licensed and insured&period;<&sol;strong>&nbsp&semi;You can check this information with your state&&num;8217&semi;s home inspector&&num;8217&semi;s licensing board&period;<&sol;li>&NewLine;<&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Don&&num;8217&semi;t pay for anything upfront<&sol;strong><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong>Never pay for a home before you have seen it in person and had it inspected&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Don&&num;8217&semi;t pay for any fees or commissions before you have a signed purchase agreement&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>If a seller asks for money upfront&comma; be suspicious&period;<&sol;strong>&nbsp&semi;This could be a sign of a scam&period;<&sol;li>&NewLine;<&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Beware of escrow scams<&sol;strong><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong>Escrow is a process used to hold money and documents until a real estate transaction is complete&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Never send money to an escrow company that you don&&num;8217&semi;t know or trust&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Make sure that the escrow company is reputable and insured&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>You should receive a copy of the escrow agreement before you sign it&period;<&sol;strong><&sol;li>&NewLine;<&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Beware of home repair scams<&sol;strong><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong>Get multiple estimates for any home repairs you need done&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Read the reviews of any companies you are considering&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Don&&num;8217&semi;t pay for any repairs until the work is complete and you are satisfied with it&period;<&sol;strong><&sol;li>&NewLine;<&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Beware of title theft scams<&sol;strong><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong>Make sure that the title to the home is clear of liens and other problems before you buy it&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Get title insurance to protect yourself from title theft&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Don&&num;8217&semi;t give out any personal information about the home&&num;8217&semi;s title to anyone you don&&num;8217&semi;t know or trust&period;<&sol;strong><&sol;li>&NewLine;<&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<p><strong>Report scams<&sol;strong><&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong>If you think you have been scammed&comma; report it to the Federal Trade Commission &lpar;FTC&rpar;&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>You can also report the scam to your state&&num;8217&semi;s attorney general&&num;8217&semi;s office&period;<&sol;strong><&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Reporting scams can help law enforcement bring the scammers to justice and protect other people from being scammed&period;<&sol;strong><&sol;li>&NewLine;<&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<h2 id&equals;"where-to-report-homeownership-scams" class&equals;"rb-heading-index-2-95556 wp-block-heading">Where to Report Homeownership Scams<&sol;h2>&NewLine;&NewLine;&NewLine;&NewLine;<p>There are several places where you can report homeownership scams&period; Here are a few of the most common&colon;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong><a href&equals;"https&colon;&sol;&sol;reportfraud&period;ftc&period;gov&sol;" data-type&equals;"link" data-id&equals;"https&colon;&sol;&sol;reportfraud&period;ftc&period;gov&sol;">The Federal Trade Commission<&sol;a> &lpar;FTC&rpar;<&sol;strong>&colon; The FTC is a government agency that protects consumers from fraud and other unfair business practices&period; You can file a complaint with the FTC online or by phone&period; <&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Your state attorney general&&num;8217&semi;s office&colon;<&sol;strong> Each state has an attorney general&&num;8217&semi;s office that is responsible for protecting consumers&period; You can file a complaint with your state attorney general&&num;8217&semi;s office online or by phone&period; <&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>The <a href&equals;"https&colon;&sol;&sol;www&period;ic3&period;gov&sol;" data-type&equals;"link" data-id&equals;"https&colon;&sol;&sol;www&period;ic3&period;gov&sol;">Internet Crime Complaint Center <&sol;a>&lpar;IC3&rpar;<&sol;strong>&colon; The IC3 is a partnership between the FBI and the National White Collar Crime Center&period; You can file a complaint with the IC3 online or by phone&period; <&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>The Better Business Bureau &lpar;BBB&rpar;<&sol;strong>&colon; The BBB is a non-profit organization that collects information on businesses and provides dispute resolution services&period; You can file a complaint with the BBB online or by phone&period; <&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>The <a href&equals;"https&colon;&sol;&sol;www&period;nar&period;realtor&sol;reports" data-type&equals;"link" data-id&equals;"https&colon;&sol;&sol;www&period;nar&period;realtor&sol;reports">National Association of Realtors &lpar;NAR&rpar;<&sol;a><&sol;strong>&colon; The NAR is a professional organization for real estate agents&period; You can file a complaint with the NAR online or by phone&period;<&sol;li>&NewLine;<&sol;ul>&NewLine;&NewLine;&NewLine;&NewLine;<p>In addition to filing a complaint with one of these agencies&comma; you should also report the scam to the website where you found the listing&period; This will help to prevent other people from being scammed&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<h3 id&equals;"here-are-some-additional-tips-for-reporting-homeownership-scams" class&equals;"rb-heading-index-3-95556 wp-block-heading">Here are some additional tips for reporting homeownership scams&colon;<&sol;h3>&NewLine;&NewLine;&NewLine;&NewLine;<ul class&equals;"wp-block-list">&NewLine;<li><strong>Be as specific as possible when describing the scam&period;<&sol;strong>&nbsp&semi;The more information you can provide&comma; the better the chances of catching the scammers&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Save any evidence you have of the scam&comma; such as emails&comma; text messages&comma; or voicemails&period;<&sol;strong>&nbsp&semi;This evidence can be helpful in your investigation&period;<&sol;li>&NewLine;&NewLine;&NewLine;&NewLine;<li><strong>Be patient&period;<&sol;strong>&nbsp&semi;It may take some time for your complaint to be investigated and for action to be taken against the scammers&period;<&sol;li>&NewLine;<&sol;ul>&NewLine;

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FraudsWatch is а site reporting on fraud and scammers on internet, in financial services and personal. Providing a daily news service publishes articles contributed by experts; is widely reported in thе latest compliance requirements, and offers very broad coverage of thе latest online theft cases, pending investigations and threats of fraud.
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