Fraudsters will take advantage of any opportunity they can. Even in the high value market of real estate. As the cost of housing increases on an almost daily basis, fraudsters are looking to exploit buyers and owners alike. On top of that, some organizations are looking to sell you a false sense of security by offering products that claim to protect you, but they don’t.
Buyers beware. It may or may not sound crazy, but some folks elect to purchase homes and property sight unseen. Often, this is a purchase in a different area of the country or in a foreign nation. Maybe it’s a second home or a timeshare being paid for with cash and bypassing the requirements a bank will impose on you for a mortgage. We see it time and time again, listing of homes for sale that aren’t for sale.
Threat actors will use old listings for the house in question, or steal photos from your favorite private home rental service. This of course is just a ruse, and the entire intention is to defraud you and other potential buyers. Using this information, fraudsters can easily build listings that look genuine and often seem like a good, legitimate deal. For example, fraudsters will list a million-dollar property for sale at $750,000, to make it seem like a good deal, but not to arouse suspicion of being “too good to be true.”
Before you make your next big purchase, especially with cash, consider a site visit first. Ensure that what you are looking at is legitimately for sale. Just remember to ask questions and be open with your family about any concerns you may have.