We’d all love to live in a world where we can trust everybody. Unfortunately, this isn’t the case. We need to be on alert to avoid getting dragged into problematic situations. This isn’t any different in the real estate business.
So, in order to help you navigate this industry more smoothly, Viking Title, LLC in Mendota Heights will share with you the most common real estate frauds, so you can keep an eye on them.
Frequent Real Estate Scams
1. Foreclosure fraud happens when a con artist contacts a desperate person about to have his/her property taken away. They promise they’ll take care of it, and then flee with the money!
2. Then there’s impersonation, where the scammer makes it seem like s/he is the owner or authorized seller of a house, collects the money and leaves the buyers hanging.
3. A contractor can overcharge for a simple fix or not do a very good job and still demand a lot of money. This is not only a huge expense but it can cause a lot of problems down the road.
4. Appraisal fraud is also common. In it, the owners or agents set up a price for the house that doesn’t actually represent the property’s worth, the condition it is in, the amenities it has, etc.
5. A title encompasses a lot of legal information for a particular property. This opens up an opportunity for con artists to grab on to any mistakes in there and try to deceive the buyer.
For Title Insurance in Mendota Heights…
Before you make an offer on a house, make sure to have title insurance. It will keep you and your investment covered in case there are any irregularities in the title.
Here at Viking Title, LLC we’ll provide the best service, guidance and insurance so you can stay protected in the real estate business. Call (651) 688-2900 to learn more about what we can do for you.