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What do you know about avoiding residential real estate scams?

| Jan 31, 2021 | Real Estate Transactions

You look forward to buying a new home in New York, but you do not want to become the victim of a scam or involve yourself in an avoidable dispute. How can you protect yourself?

Forbes offers tips to help you become a happy homeowner. Safeguard the hard work you put into finding your dream home.

Do not forget the basics

Something as simple as secure passwords and two-factor authentication for real estate emails and transactions go a long way. Many buyers, sellers, lenders and real estate agents make themselves vulnerable by forgetting the basics, leaving themselves and others vulnerable to scams and fraud.

Ask your agent to secure documents before sending them

When your real estate agent sends you a contract or information related to an agreement, double-check the message’s security. PDF email attachments may contain sensitive dates or financial information, details that scammers may use against you. Protect information with a trusted transaction management system.

Scrutinize rushed requests

If you ever receive a message that makes you feel rushed or pressured, look into the person sending it. You should not rush a decision as massive and expensive as buying a home, and real estate professionals know this. Criminals may put pressure on potential victims to manipulate them. Further, scammers rarely want to provide details about changing circumstances or unverified information.

Go the extra mile with wire transfers

Before sending a wire transfer, call the intended recipient to verify the transfer request and the wire destination and information. You do not want to risk sending money to a criminal who whipped up a wire request that looked genuine.

Do not let a criminal impede your dream of owning a home. Take time to protect yourself and your investment.

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