There are, as always, plenty of horror stories on the topic of real estate fraud — the schemes, illegal flipping and other ploys surely cross a soon-to-be homeowner’s mind at some point in the housing search. But do bad real estate practices really plague the industry as much as one might think? California may have its own pocket of housing gems with its alluring culture and coastlines, but, much like other states, it has a considerable amount of fraud. Fortunately, however, there are ways one can avoid it.
It is generally wise to approach any housing deal with caution, as mishaps do occur. KION News reported in a late 2017 article that real estate fraud has been an ongoing issue, and experts do not expect the trend to fall to the wayside. Some say technology could be one reason for the plummet — cybercrime is just one of many forms of rental scam. The police department has handled cases carefully, with some ending in felony theft charges. One sign of a scam, according to the article, is when an alleged landlord claims they cannot meet prospective renters to show the property. It is never a bad idea to also check a realtor’s background to ensure they hold a valid license.
The risks may seem evident, yet housing scams affect countless renters and buyers each year. Loan information resource MoneyLend warns consumers of the more subtle red flags that future home buyers coud overlook, pointing out that many “workshops” advertised are dishonest ploys. While some may, in fact, offer free and reliable advice, others trick sellers by promising quick and easy wealth. Property title reproduction is another common type of fraud in the industry, which enables scammers to make use of property titles, mortgages and other informtation. Smart approaches to buying a home do exist, and it is an ideal step to first become more aware of the ins and outs of the real estate industry.