Do You Know About The Most Popular Real Estate Scams?

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Real estate scams are more and more popular, even though we can not see them yet. Comparing to robbing a bank, stealing $ 200,000-worth property via a false deed or identity identity is trivial – and remarkably safe for the thieves. Their imagination is remarkable and oftentimes we can not do much more than minimizing the damage they infect. By becoming aware of the most common real estate scams, you may be able to protect yourself or someone you know.

False Deeds, Part 1

Most real estate frauds revolve around forged deeds. The most popular scam is using a false deed in order to get a loan secured against a property. Bankruptcy by the bank – oftentimes the danger is real if the owner does not react to the bankruptcy.

False Deeds, Part 2

Another common real estate fraud is a property without the owners consent. The uninhabited, recently inherited and otherwise unguarded property is the most probable target for such scams. The most inventive thieves are able to even sell the same property to multiple buyers at the same time. However, if you do not have a single buyer, the fraud can go unnoticed for a year or even a year. By that time, the "owner" is long gone, usually in another state, selling another home to someone else.

Real Deeds

The false deeds are bad enough, as are scams usually hit randomly and they can often be reversed after the deed is thoroughly checked. However, the problem begins when a person is deprived. The sad thing is that thieves often recruit from our family and closest friends, people would never suspect anything.

In the very popular way is to get some kind of authorization (or truly, just a signature) from the owner in addition to a deed. This way the thief can do whatever they want. This is especially popular scam used against older people – a nurse or a family member.

Another, even more outrageous, real estate fraud is performed by unethical door-to-door loan sellers. Which are truly high-rate loan contracts secured against the property. As most seniors are unable to repay such debt, their homes are taken by the creditor and the elder is left homeless.

Defense

Defending against such frauds is difficult. If the use of false deeds, it is possible to prove that you have nothing to do with the loan or purchase. However, if they are a real deed and / or have your authorization, this gets dicey. And taking effective legal actions is next to impossible.

Here are some tips to help protect yourself from such scams: 1) never sign anything you have not read and if you are in doubt your attorney review the documents before signing; 2) throw out any peddling loan lenders; 3) keep important documents, search as your deed, in a safe deposit box.

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Source by Jill Kane

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