Common Real Estate Scams To Be Aware Of

Florida’s real estate market has been booming in recent years, with a surge of new residents and investors flocking to the state. However, with the increase in demand for property comes an increase in fraudulent activities. Real estate scams are a significant concern in the Florida market, with fraudsters using various tactics to trick homeowners, buyers, and investors out of their money. From the Deed Purchase Scam to the Fake Deed Scam, these scams can be devastating and costly for those who fall victim to them. In this post, we will explore some of the most common real estate scams in the current Florida market and provide tips on how to protect yourself from these fraudulent activities. By being aware and informed, you can avoid falling victim to these scams and ensure a successful and safe real estate transaction.

Here are a few more common scams in the current Florida real estate market:

1. Deed Purchase Scam: One of the most common real estate scams in Florida is the Deed Purchase Scam, where homeowners receive an official-looking letter offering to sell them a copy of their property deed for a fee. These letters may appear to be from a government agency or a private company, but they are typically fraudulent. Homeowners must be aware that they can obtain an official copy of their property deed for free from their county clerk’s office or by accessing public records online.

2. Text or Phone Scam: Another real estate scam to be aware of is the Text or Phone Scam, where homeowners receive a text message or phone call from someone claiming to be interested in buying their house. These scammers typically ask for sensitive information such as social security numbers, bank account details, or even the property’s deed. Homeowners should never share personal or financial information with anyone they do not know or trust. It is always best to work with a licensed real estate agent or attorney when selling a property.

3. Fake Deed Scam: The Fake Deed Scam is a fraudulent activity where someone creates a fake deed to a property to trick buyers into believing they are purchasing a legitimate property. These scammers may create fake documents or use stolen identity information to create a convincing fake deed. To avoid this scam, it is essential to verify the authenticity of any documents presented during a real estate transaction.

4. Wire fraud: This is a scam where a hacker gains access to an email account and poses as a real estate agent or attorney to instruct the buyer or seller to wire funds to a fraudulent account. To prevent this, always verify wiring instructions with a phone call to a trusted representative of the real estate company.

5. Rental scams: This is a scam where a scammer will pose as a landlord or property manager and ask for a security deposit or rent payment upfront before the tenant can see the property. To prevent this, work with a real estate professional as it is free, and they can verify the legitimacy of the landlord or property manager.

6. Foreclosure rescue scams: This is a scam where a fraudster will pose as a foreclosure rescue specialist and promise to save the home from foreclosure in exchange for an upfront fee. To prevent this, be wary of anyone who asks for upfront fees and always consult with a reputable foreclosure attorney before making any decisions.

To protect yourself from real estate scams, here are some additional tips you should keep in mind:

1. Do not disclose personal information to unknown sources: Always be wary of providing personal information, such as social security numbers, bank account information, or property deeds, to anyone you do not know or trust.

2. Work with reputable professionals: When selling or buying property, always work with licensed and reputable real estate agents, attorneys, and title companies. Be sure to verify their credentials and read online reviews from other clients.

3. Verify all documents: It is crucial to verify the authenticity of any documents presented during a real estate transaction. Homeowners can obtain a free copy of their property deed from their county clerk’s office or by accessing public records online.

4. Trust your instincts: If something seems too good to be true or raises any red flags, it is best to take a step back and reassess the situation.
5. Register yourself with your County Clerk Of Courts for property fraud alerts