Real estate scams are on the rise – here’s what to look out for

Real estate scams are becoming increasingly sophisticated, with fraudsters targeting buyers, sellers, and renters alike. Common schemes include fake property listings, phishing emails posing as real estate agents, and mortgage relief scams that prey on those facing financial hardship. Scammers often ask for deposits or fees upfront, only to disappear once they’ve received the money. With real estate transactions already being complex and stressful, it’s easy to fall for these traps, especially when everything appears legitimate on the surface.

In response to the growing threat, the Federal Trade Commission (FTC) has ramped up efforts to protect consumers, refunding over $20 million to victims this year alone. However, the best protection is prevention. Before making any financial commitments, always verify the identities of real estate agents, check the legitimacy of property listings, and avoid sending money through unsecured channels. Staying vigilant can save you from becoming another statistic in this rising wave of real estate fraud.

Courtesy of Fox Business