Chances are, your real estate transaction — while often time-consuming and complicated — will be completed without incident. But like any other industry, there are instances of real estate fraud.
Following are some tips on how to avoid circumstances that may not be in your best interest.
- The most common cases of mortgage fraud are committed by either someone in the industry or by the borrower. If you’re searching for a mortgage company to deal with, the first step is to ask a reputable Realtor for a referral. Even if you’re comfortable with the situation, you will still need to read your mortgage document from beginning to end, and you’ll want your real estate attorney to review it as well. Finally, be completely honest when filling out your loan application. Providing false information can only lead to trouble.
- Wire fraud can occur when large sums of money are being transferred. Again, you’ll want to work with people and companies with stellar reputations. Always conduct your business from a secured system and if you have any doubt that the person on the other end of the line is who he or she says they are, then wait until you can confirm their identity without question before conducting any financial transactions.
- Identity theft is quickly becoming the most frequent form of fraud. To lessen your chances of having your identity stolen, be extra cautious about what you post on social media, use a credit card rather than a debit card, and try not to write a lot of checks as checks contain a lot of personal information.
For more information on real estate fraud and tips to avoid becoming a victim, please contact The Olear Team today!