Avoid These 4 Common Real Estate Frauds When Buying a Property

Whether you have to sell or buy a property or refinance a mortgage on a house, the most important thing is to avoid any possible scams. Buying your property is exciting but also stressful; thorough estate planning needs to be done to avoid any fraud.

Read on to learn about 4 common real estate frauds while buying a property.

Home Title Theft

Also called deed theft, house stealing or deed fraud, this kind of theft happens when a property’s title is attained illegally without the owner’s approval. Home title theft happens during crucial stages of sales and refinances transactions. Sensitive information and funds are transferred during this time. Thieves usually get the data they need to carry out a title theft by presuming third parties’ or the real estate professional’s identity.

Wire Transfer Fraud   

Real estate wire fraud is one of the common types of cybercrime. This theft usually targets property buyers when they navigate the process of buying property. Criminals gain access by hacking into forms of communication, such as emails. This way, they access confidential data like bank account numbers and social security numbers. Criminals intercept transactions with this information and steal thousands of dollars from clients.

 Peron reading false documents

Mortgage Fraud Scams

Buying property is an expensive process which can intimidate buyers from going for loans. A mortgage fraud scam is another kind of scam where people can be offered low-interest loans or no closing costs. After the loan is confirmed, undisclosed fees or higher interest rates might surface. You are suggested to work with reputable and reliable lenders and carefully read the closing documents.

Foreclosure Relief

Property buyers might fall short of money for mortgage payments and risk losing the property. Scammers can take advantage of this situation and offer foreclosure relief to people desperate to save their houses. Foreclosure relief scams became more prevalent during the pandemic, targeting property owners who lost their jobs. In this situation, you are suggested to talk to your lender for more options to adjust loan payments, request forbearance or other options.

It is important to set out an estate plan for proper financial planning.  Ledwidge & Associates, P.C can help you with legal issues related to estate planning. We are a Real Property Law firm NYC, and we can help you against wrongful use or transfer of real estate property. Call us today to consult our estate planning NYC to guide you through it.


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Avoid These 4 Common Real Estate Frauds When Buying a Property

Ledwidge & Associates

Ledwidge & Associates, P.C. in New York City has years of experience helping clients create estate plans that fit their needs. We have the experience and resources to handle your critical legal matters with the utmost care and attention to detail.
Avoid These 4 Common Real Estate Frauds When Buying a Property

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