Eight Tips to Avoid Real Estate Fraud

Posted on at 10:16 pm by Andrea Webber

FraudReal estate fraud is on the rise. And, how about those nightmare stories you’ve heard about innocent, unsuspecting people wiring their life savings to fraudsters? Unfortunately, they are true. Thankfully, you can protect yourself from real estate fraud by doing your due diligence throughout a real estate transaction. Here are eight tips to protect yourself from real estate fraud:

  1. Make sure that your Wi-Fi connection is secure when you send e-mails with secure information
  2. Carefully inspect e-mails from the title company to make sure they are legitimate. For the most part, professional title companies don’t use free gmail or yahoo accounts. Additionally, inspect the e-mails that make sure they are well written and free of glaring grammatical errors. Also, always be careful of e-mails with attachments and links.
  3. Create a strong password for your own e-mail account and consider adding a two-factor authentication to it.
  4. Research payment options, such as a cashier’s check, as an alternative to a wire transfer, which may provide more protection.
  5. Prior to wiring money for a real estate transaction, make a phone call to your designated contact at the title company, etc. to verify the exact instructions.
  6. Prior to wiring money, contact the receiving bank and make sure the instructions are accurate.
  7. Prior to wiring a large sum of money, send a smaller amount first ($100) and verify that it successfully reached the intended recipient.
  8. Verify the legitimacy of title company by contacting the underwriter directly.

If you have question on avoiding real estate fraud in the Denver real estate market, please contact Andrea Webber at (303) 475-7057.

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