Selling your modern bungalow house is a significant milestone. This could either be a smooth sailing experience or a navigational challenge filled with scams. With the real estate market hotter than ever, scammers are getting increasingly creative. This is in their attempts to swindle unsuspecting sellers out of their hard-earned equity.
Here are the top 4 scams you should be aware of when selling your modern bungalow. Let’s find out more!
1. The Overpayment Scam
This scam involves a buyer who agrees to purchase your home but accidentally sends a check for an amount higher than the agreed-upon price. The buyer then requests that you refund the difference. If you deposit the check, you’ll find out these are fraudulent schemes.
Make sure to avoid this if you can and don’t deposit or cash the check instead contact your bank immediately. They can help you determine if the check is legitimate.
2. The Fake Buyer Agent
Scammers sometimes pose as buyer agents to engage homeowners looking to sell. They may request upfront fees to represent your property or demand personal information under the guise of paperwork requirements.
Real estate agents normally get paid after a transaction completes, not before, so any request for upfront payment should raise red flags. Always verify the credentials of anyone claiming to be a real estate professional by asking for and confirming their license with your state’s real estate commission.
3. The Title or Escrow Company Fraud
In the title or escrow company scam, fraudsters pose as representatives from these companies. They are claiming there has been a last-minute change to the payment instructions for the closing costs. These scammers are aiming to redirect the funds to their accounts instead of the legitimate company.
To avoid this, always confirm any payment instructions directly with known representatives of your title. This can be from an escrow company using a verified contact method. This is rather than relying on instructions sent via email or phone call from an unknown number.
4. The Rental Scam on Unsold Properties
This scam targets properties that have been on the market for a while. Scammers take the details and images from your legitimate sale listing and post them on rental platforms, posing as the landlords. They then collect security deposits and the first month’s rent from unsuspecting tenants before disappearing.
To guard against this, regularly search for your property address online. Report any unauthorized listings to the hosting platform immediately.
Protecting Yourself from Scams When Building Modern Bungalow House
Always work with reputable professionals and verify their credentials. Be cautious of overpayments and requests for back payments. Never share personal information or make payments to parties you have not thoroughly vetted. Regularly monitor your property listing for fraudulent activity.
Selling your modern bungalow house should be an exciting time. This marks the beginning of a new chapter in your life. So, stay vigilant, trust your instincts, and don’t hesitate to seek advice from trusted real estate professionals to safely navigate through the process.
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