There is a lot of pressure attached to the purchase of a house. And in the aggressive Real estate market, there is always an impulse to react quickly when you find a perfect home. However, con artists often take advantage of the demand for real estate and either trick potential home buyers into paying for properties that don’t exist or mislead them with the terms of a deal.

Therefore, everyone needs to be careful about Real Estate Fraud while purchasinga new house. Don’t worry if you are a real estate scam victim. Morgan Financial Recovery will help you recover your funds from con artists. We have a team of professionals who will help you recover your funds lost in a scam.

What are Real Estate Scams?

Real Estate Scams happen when scammers rip off their victims under the pretext of selling Real Estate. According to the FBI data from last year, more than 14 thousand people became victims of Real Estate Scams.

A real Estate Scam is where a group or person commits a scam in connection with a real estate’s purchase, sale, or financing. Real Estate Scams are a crime that fall under the state and federal commissions, eventually leading to imprisonment or a hefty fine or both.

The deceit artistmay commit this scam at various levels of real estate transactions. Some of these stages include appraisal, closing, and foreclosure proceedings.

States have adopted different laws and regulations to prosecute the offenders of this violation. These include:

• Rent skimming laws
• Law covering theft by pretenses
• Foreclosure fraud statutes

What are the Most Common Types of Real Estate Scams?

Awareness of the common and universal Real estate scams is one of the most crucial steps in avoiding these scams. Here are some of the most noteworthy Real Estate Scams that one should be aware of before house-hunting.

Wire transfer scam:

Real estate wire transfer is a standard form of cybercrime. The real estate wire fraud targets home purchasers who navigate the buying process. By hewing into emails and other sources of contact, con artists can get your personal information, bank details, and sensitive information. With this data, transactions can be detained and thousands of dollars can be laundered from their victims.

Mortgage frauds:

Homebuying is an intimidating and costly process, so buyers are misled by fraudulent loans. This type of Mortgage fraud will promise to provide loans with a low-interest rate or no closing price.

However, once the loan gets approved, the victims know it has a high-interest rate and a high closing price. Avoid these scams and start working with a reputable lender. It is important to encourage clients to review closing documents carefully.

Finally, to understand the closing process better, always use a secure closing portal that allows you to share and communicate with other clients.

Home title theft:

House title theft, also known as Deed theft or Home stealing, occurswhen the title of a particular property is taken unlawfully without the knowledge of the owner of that property. This scam usually transpire at certain stages of sales and re-financing transactions, where money and sensitive personal information are transferred between two parties.

These thieves often gather all the information they need to perform Title theft by assuming the identities of real estate professionals or third parties. Victims of home title theft are encouraged to report a case to Morgan Financial Recovery if they wish to retrieve their money.

Moving scams:

The Real estate scams do not end when the house owner receives the keys to their new house. Moving can provide substantial opportunities for fraud artists. The moving scams are divided in two categories:

• Firms that overcharge with undisclosed fees.
• Some firms accept the deposit, and once they get a massive amount, they disappear without leaving any evidence.

To avoid these scams, You need to get at least three to five quotes from top potential firms for research purposes. It ensures whether they are reputable or not. Experts at Morgan Financial Recovery state that the moving firms who argue about money or large deposits are part of real estate scam alert.

Foreclosure Relief:

In times of financial hardship, house owners become the victims of mortgage loans and risk losing their homes. In this scenario, the scammers use another tactic: foreclosure relief for house owners who are desperately trying to save their property. These scams were more frequent during the pandemic, mainly targeting owners who lost their jobs.

Rental scam:

Nowadays, renters are facing various scams, leading to financial losses. Popular rental scams contact victims mainly through fake advertisements. A trickster publishes an apartment ad, collects the deposit or rent from potential victims, and then disappears.

It could be helpful if you are careful when a landlord requests for the payment through wire transfer or cash, especially before meeting them or signing the lease documents in person. There are several fake real estate buyers who also pretend and scam the seller victims.

How Do I Spot Real Estate Scams?

If you are a novice at making a house purchase, you need to be very cautious. Experienced buyers know the purchase procedure quite well. Here are some of the red flags to keep in mind:

• Lack of Documentation: If you are interested in purchasing a house and the landlord doesn’t have the proper paperwork, it is plainly a scam. Some scammers could promise to give adequate documentation only after completing the payments.
• Pressure to act quickly: Fraudsters pressure the homebuyer to send the payment or personal details promptly. They make you believe that you may lose the house if you do not act soon. Keep this in mind that in any case, if you are pressured to work immediately, it’s a scam.
• They usually provide you with unrealistic guarantees that seem too good to be true, and too good to be real.
• Before filling out the document, check whether the contact information is proper or not. If you are going through an agent, check that they provide the appropriate physical address, phone number, email ID, and fax number.
• Check if the documentation is provided without grammatical errors, mainly improper use of capital letters.
• Pictures they show are unfocused, blurred, and of low-quality images.
• Please pay attention to their replies. When you ask the landlord to meet, they usually reply that they are out of station or cannot reach you in person. Therefore, they pay special attention to these details.
• Before visiting the property, the scammers ask you to send the wire transfer payment immediately.
• Look for tactics such as no tax, no closing fee, and low investment rates at the closing options. It could likely be a scam designed by the con artists to launder money from buyers.
• The best way to defend yourself from a Real Estate Scam is to know its warning signs, which further helps identify the scam.

How to Avoid Real Estate Frauds?

There are thousands of ways scammers to scam their victims. In the same way, there are many ways for the victims to protect themselves. The strategic way to steer clear of frauds is to read up the reviews that are posted on trustworthy sites, and to evaluate the reviews in accordance with parameters like customer satisfaction and the like.

Here are a few ways to avoid real estate scams.

• Do not share sensitive information through emails: Never share your bank information details, or social security number. In any case, you should send your documents only through encrypted email.
• Do not click on unauthorized or unverified emails: Do not open the email if you cannot identify the name or email address of the sender. And also, be aware of the attachments, links or downloadable files from an unidentified email address; they may contain viruses or may provide a way for a hacker to access your computer.
• Do not use unbolted Wi-Fi: You may think using free Wi-Fi is harmless to check banking information or any sensitive information, but it is hazardous for you. It allows scammers to hack your system. Only use a secure network to open your sensitive information.
• If you suspect a scam, tell someone: If you feel you are a victim of fraud or are in the process of getting into an ongoing fraud, immediately contact the people connected to the transaction. In some scenarios, nothing can be done to recoup the stolen money. In that case, contact Morgan Financial Recovery. Our expert team will help you recover your money from scammers.

What do you do if you are a target of Real Estate scams?

If you feel you are a victim of a Real estate scam, then contact Morgan Financial Recovery. It would help if you prepared a written explanation of what happened. A fraud and cheating case should be filed. The new sale can be declared invalid in a court of law. This could be another approach.

The answer must include:

• A clear-cut overview of the scam that has taken place.
• The scammer’s name, telephone number, and address along with the company involved.
• All the copies of the documents which you have signed or that are given to you, like agreements, deeds, contracts, and so on.
• Copies of checks or money transfers that you provided them or the ones they have given you.
• Finally, furnish your name, phone number, and address for contact.

On contacting Morgan Financial Recovery, our team executes the activities on your behalf and strives to retrieve your money.

Who is the vulnerable party in Real Estate related- scams?

The question of vulnerability may not capture things correctly. Both buyers and sellers in the real estate market face an equal amount of instability. The only difference is the level at which one group is targeted.

The home buyers are more susceptible to encountering wire fraud. It is because they send the closing funds to the title company.

An illustration of this point: The current median home sale price is above $400,000, so the home buyers oftentimes wire $80,000 or more to satisfy their closing obligations. Is this, according to you, a real estate scam?

On the other hand, property sellers are likely targets of foreclosure scams and identity theft-based title frauds. The con artists in this case open new lines of credit, which they leverage against the houses.

Legalities and Procedural Fraud Management: Why is it needed?

Ownership of property comes with its share of opportunities and obstacles. A decision has to be thoroughly weighed before reaching an outcome.

Title fraud and registration fraud-

A criminal likely steals a house owner’s identity and modifies the property title to theirs. They may use a Land Registry application to do this, by entering a forged transfer or mortgage. This is registration fraud. The registry’s list of titles is state-guaranteed and hence protected.

Loan applications are the next step, done using the true owner’s equity and collateral. Due diligence must also be conducted – it manifests itself in cross-checking documentation and following-up on complaints or unsatisfactory remarks- to name a few.

Mortgage fraud-

It occurs when criminals resort to stealing from a private lender or an institution.

Warning signs of property fraud:

One should be alerted to the possibility of this if:

• contact details that a party provides are contact number and email address.
• you are instructed by a party and can only communicate with the other by post, telephone or email.
• your client relies on utility bills as evidence of staying at a particular property.
• the seller does not live at the property.
• information given by your client is distinct from the information on the electoral register, or details you discover when researching the property.

Client behavior may indicate that property fraud has been committed if:

• The property has been owned for a long time, but the client selling is younger than expected.
• The client is sheepish to answer questions.
• the client asks you to jot it down to a different address, in spite of saying they are owner-occupier.

Signs of urgency may specify property fraud. For example:

• the client asks that the process be completed urgently without furnishing an explanation.
• The property is listed at less than market price, to speed up the sale.

Can Real estate scams be replaced with Money Laundering?

Laundering cash can be seen as a fraudulent activity. Just as we report real estate scams, siphoned and laundered funds need to be called to an authority’s attention.

When we talk about Property fraud and lies, there should be a valid reason for suspecting that a fraud has taken place. Ensuring this could also lead to the belief that a money-laundering offense has occurred.

Due diligence is good practice-

Not meeting someone’s client face-to-face could be a factor in assessing whether the matter presents a higher risk of money laundering.

One can also establish the extent of any enhanced due diligence measures to be applied.

How do you get your money back from Real Estate Scams?

Do not hesitate to contact Morgan Financial Recovery if you feel you are the victim of a real estate fraud. The specialists in this firm have a great success rate at reclaiming funds from swindlers. The expert team knows the ins and outs of this scam scenario.

The advice is to report the case and provide the related documents and screenshots of the payment you have made to them. Additionally, provide your contact information so that one of our professionals can get in touch with you until you receive your funds from scammers.

Real estate scam recovery techniques involve catching the fraud proceedings at the opportune time. It boils down to the presence of mind that an individual shows when faced with the situation.

Why is Morgan Financial Recovery a trusted name in the world of Real Estate Scams Recovery?

Morgan Financial Recovery coordinates with the market’s happenings to provide statistics for the protection of buyers and sellers from Real Estate Scams. We also help victims with spotting scams.

We create and use trending scam information and update ourselves to help victims identify fraudsters.

Morgan Financial Recovery services are also known to promote scam recovery. Helping clients with financial instability is a priority. And they are also experts in Real estate scam recovery.

Real estate fraud protection is an umbrella term. The technology it utilizes is both up and coming, and, at the same time, tried and tested.

Why Choose us?

Morgan Financial Recovery is an organization that specializes in the recovery process. We have helped several clients around the globe with man-made disasters like scams. We cater to a broad clientele and provide the same services without discrimination.

• You can benefit from being a part of our international networked society.
• We provide outstanding customer service.
• To support your claim, you have access to our legal and financial expertise.
• We pride ourselves over years of expert fraud-recovery dealings. It fosters a sense of security, should a client wish to approach us.
• We offer a fast, practical, and straightforward approach.

Risk assessment and effective management are some skills that our professionals possess. It takes years of experience; including beating the hardships along the way, to achieve this goal.