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The most common real estate scams of 2022 and how to avoid them

In foreclosure relief scams, scammers target people who are about to lose their homes, rocket mortgage reported. A fake company will contact the victim promising that they can stop foreclosure or modify a loan in exchange for payment. It’s a scam.

To avoid the scam, Rocket Mortgage said you should never pay for a service until it’s completed. The company also suggested searching for the person or company that promises to help you.

Fake ads scams

Another popular scam is the fake ads scam, according to The bank rate. Scammers will post fake property listings on Craigslist, social media, or any other platform that interested buyers might browse. Although the photos they use may be from real ads, their offerings are anything but.

Scammers usually ask for an upfront payment to allow you to view the listed property. Beware of anyone asking for initial deposits to view a property.

“Avoid making transactions by email or phone,” Nicole Durosko of Warburg Realty told Bank Rate. “It is best to be face to face to confirm ownership of the property, sign all required documents and make payment.”

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“We are buying houses! » scams

Somewhere along the road in your travels, you’ve probably seen a flyer that advertises a business or individual wanting to buy your home. Most often, according to Finance Buzzit is a scam.

The scam usually promises homeowners quick cash for their homes. To convince you to hand over your deed to them sooner, they promise you prompt payment. However, the scammers will have control of your property once the deed is signed – still leaving you on the hook for monthly mortgage payments.

Finance Buzz reported that paying attention to detail is important to avoid these scams. A legitimate company is unlikely to advertise its services on a cheap printed flyer placed on the side of a road or ask you to sign partially blank or complicated documents.