In the already challenging environment of the real estate market, consumers seeking to purchase, lease, or refinance a home mortgage are confronted with an additional layer of complexity – the risk of fraudulent activity. Regrettably, criminal methodologies targeting individuals in the real estate sector have grown increasingly sophisticated. A concerning illustration of the extent of this problem is the nearly $400 million in losses reported by victims of real estate fraud in 2022, as indicated by the Federal Bureau of Investigation’s Internet Crime Complaint Center. Consequently, it is essential to remain vigilant by familiarizing oneself with the five prevalent real estate and mortgage scams outlined below, as well as the strategies for avoiding falling prey to these deceptive practices.
Here is an article on the Bankrate website that explains these 5 real estate scams.
5 Common Real Estate Scams | Bankrate