Basic Real Estate Scams You Should Watch Out for If You Own a Property in Florida
Basic Real Estate Scams You Should Watch Out for If You Own a Property in Florida
Like many other industries, real estate scams in Florida are on the rise. Fraudsters are becoming more innovative and bolder in their approach to scams. Many unsuspecting real estate owners and home seekers usually fall victim to fraudulent acts.
According to the Federal Bureau of Investigation’s Internet Crime Complaint Center data, about 11,578 victims reported instances of real estate and rental fraud in 2021 alone. Considering this predominance, it is best to protect yourself by having an idea of the common real estate scams in Florida to help you avoid them.
1. Rental Scams and Fake Listings
Fraudsters and scammers post rental ads on various platforms to lure unsuspecting home seekers. The scammers often link with the property owners or agents, giving access to many details, including photos. Some scammers can also pick up photos from other listings and clone the details. They proceed to request an upfront payment as a deposit and grant you access to see the property. The scammers usually disappear once they succeed in getting the upfront payment.
2. Escrow Wire Fraud
Scammers explore direct contact to carry out escrow wire fraud. They usually make contact with texts, emails, or phone calls and impersonate a representative from your escrow company. The scammers provide instructions about where to make your escrow payment using fake details, including a website simulating your escrow company. They use several tactics to get details and simulate an actual company to rip off unsuspecting individuals.
3. Moving Scams
Moving scams come into play when you already got a property and trying to convey your items. The scammers set up like a moving company and give a service quote stating a precise amount which is usually relatively low. But when they show up, they hike the price and hold your properties to ransom, leaving you with little or no choice but oblige their request.
Real estate scams in Florida are becoming more prevalent and require you to be careful with your dealings. It is best to avoid these scams by paying attention to every detail during your transactions. Transactions that involve payment are best done physically with legal documents to support them. Also, involving an experienced attorney in your real estate dealings can help you to be less vulnerable to scams.
