Tips to Avoid Real Estate Scams and Frauds
Beware of being scammed while dealing with commercial real estate agents in Toronto. The ratio of real estate scams is at
the surge in this modern era. Criminals target the clients creatively. Here are the most reported scams listed below. Continue reading to get educated about the scams and the tips to prevent them.
Escrow deposit scam: If you receive an email, text, or call from the representatives of an escrow company, and they instruct you to deposit your escrow amount. Remember that scammers create fake websites exactly similar to the lending company you are working with. In addition, they use many spoofing tactics to target consumers.
Out of country statement: This is the most common fraud with many victims who trust easily. In this real estate fraud, the property owner claims they cannot make you visit the exact location you are about to buy because they are out of the country.
Personal details: Some fraudsters usually call you and ask about buying or renting a property. In this way, they request your banking details and personal information. And their next step is to misuse your identity and rob cash directly from your bank account.
Rental frauds: Scammers mostly use social media for rental scams. First, they post rental property ads; they have no connection with. Then, they use fake accounts and post pictures from listings of any genuine rental company to make it look natural.
Source https://www.easyfie.com/read-blog/688645_mostreported-real-estate-scams-how-to-avoid-them.html