We buy houses Miami, FL. Over the last few years; due to our wide experience, we’ve seen that South Florida cities like Miami have been a breeding ground for real estate fraud. In late 2019, research conducted by property data company Core Logic established that South Florida was the nation’s capital, in real estate fraud. Not only are your local everyday families getting scammed, but the exposition of huge Ponzi schemes has certainly revealed how frightening and dangerous the situation is. In October 2019, Robert H Shapiro the former CEO of a South Florida real estate company; the Woodbridge Group, was sentenced to 20 years imprisonment for wire and mail fraud by the Miami Federal court. Shapiro was the sole perpetrator of 1.3-billion-dollar real estate fraud, targeting the elderly and retirees. When you are trying to sell your home fast, it is easy to fall into the grasp of someone and become a victim of their fraudulent practices. In this post, read on to understand real estate frauds in Miami, and how Your Trusted Home Buyer can help you sell your home fast and securely.
Mortgage Fraud- Fraud for Profit
While mortgage fraud is perhaps the most common real estate crime, this one is conducted by industry insiders like real estate agents, bank officers, attorneys, mortgage brokers, etc. In a fraud for-profit scheme, these entities manipulate the mortgage process to steal funds and equity from homeowners and lenders.
Protect Yourself: The FBI prioritizes fraud for profit cases. However, during these processes use entities who have been tried and tested. Seek referrals from close family and friends to prevent a malicious individual from manipulating you!
Foreclosure is a stressful and emotional time for anyone subjected to the process. In your moment of weakness, is when scammers strike. Most of these fraudsters, have access to public records and will swoop in and offer homeowners foreclosure relief. Offers of being able to significantly reduce your mortgage payments for a large one-time fee is how they trap vulnerable homeowners and can steal thousands of dollars away from someone already in a tough financial situation.
Protect yourself: Understand Florida foreclosure law and have a trusted attorney. These scammers put copious time into making their schemes seem legitimate, and it is important to catch red flags like an attempt to rush the payment. Additionally, you could consider selling your home to a real estate investor like Your Trusted Home Buyer. We have helped numerous clients deal with foreclosure and walk away with a fair cash offer and the stress of their heads. Avoid falling prey to fraud in a moment of vulnerability, we are here to help!
Escrow Wire Fraud
Wire Fraud has been an issue plaguing Flordia for a considerable period. Homeowners may receive a very legitimate-looking email or mail impersonating an agent from the escrow company, with detail on where to wire the funds. All the details will be in the right place, often these illicit individuals set up very extremely detailed fake websites that dupe homeowners into believing it to be the real deal, using spoofing tactics. Once you wire the funds, it is gone in a blink of an eye, and becomes extremely difficult to track the path of the money and the scammer as well.
Protect Yourself: Before wiring, any money, check the old documents received from the lender in detail. Call all phone numbers listed and verify if a request for a wire transfer was made. DO NOT, make any wire or online transfer of funds without a thorough verification and written evidence from the entity itself. Confirm and verify the escrow account number with your settlement agent as well, communication is KEY, to prevent getting trapped here!
The following examples of real estate fraud are prevalent and can be extremely dangerous by the time you think “I want to sell my house Miami“. If you feel you have been targeted by a scammer or victim of fraud, it is important to not take matters into your own hands. Report all activity to your local police department and immediately file a complaint on the FTC’s complaint website.
Bypass the likeness of being targeting by selling your home to us, we have ‘Trusted’ in our name for a reason! We can help you sell your home fast and securely and you walk away with a fair cash offer and no additional hassle or stress! We take care of it all! Contact us today to learn more about how we can help.
- Why you need to downsize your house in Jacksonville, FL
- How many things can you do with the Profits from your Home sale in Orlando, FL?
- Did you know you can sell your house with Liens or Tax problems in Miami, FL?
- Can I Sell My House without property showings in Tampa, FL?
- Can you stop the foreclosure of your house in Jacksonville, FL?