How to Avoid Basic Real Estate and Property Scams in Florida
How to Avoid Basic Real Estate and Property Scams in Florida
The rate of real estate property scams in Florida is alarming and rising. Fraudsters are becoming more creative by the day, and we need to be aware of their tricks to avoid falling into their hands. You should be able to identify some basic real estate and property scams in Florida to avoid them.
Let us identify Some of the basic, most common real estate and property scams and how to avoid them.
1. Escrow wire scam
This is usually done via direct phone calls, emails, or texts from an escrow company impersonating an actual real estate company. You get a phone call asking you to wire funds to a particular account for a property.
At first glance, you might have nothing to worry about because the company’s website looks professional and almost the same as the genuine company. However, having a closer look, you often realize that one letter or number is off.
How To Avoid Escrow Wire Property Scams In Florida
To avoid an Escrow scam, you must avoid any email, phone call, or text instruction asking you to wire funds. Never click on any email or text link, sign any real estate promissory note, or send funds to a third party before confirming from your title company.
2. The rental scam
You should not only be cautious of home buying or property acquiring scams. You should also be aware of rental scams, and you could be a victim if you are also looking out for rental.
Scammers and fraudsters often post fake rental advertisements and ask for a down or upfront payment before you can access the property. They abscond with the fund after you’ve made the payment.
How To Avoid Rental Property Scams In Florida
To avoid a rental scam, never wire any funds whenever you are looking for a rental. Also, make sure you go and verify the property in person and verify and confirm the accessibility of the property before making any initial deposit. Make sure you verify the identity of the person claiming to be a real estate agent.
3. The moving Scam
This form of scam is on the rise in Florida. Some groups of movers will help with packing or transporting your belongings, then refuse to release them to you. Then thet request you to pay an extra high fee and threaten to dump you belonging halfway when you refuse to agree to their terms.
How To Avoid the Moving Scam
To avoid this kind of scam, ask the moving company to provide their license, then check if any complaint has been filed against them. Also, check if they have any bad reviews online.
Always watch out for red flags like substantial upfront payment, usually, reputable companies do not ask for complete payment until the job is done.
