How to Avoid Scams
To avoid home sale scams in Washington State, be wary of unsolicited offers for foreclosure assistance and check the credentials of any professionals you hire, including real estate agents and attorneys. Review all documents carefully before signing and consider seeking legal advice from an attorney or other neutral third party. Finally, if a deal seems too good to be true, it probably is.
Here’s a more detailed breakdown:
- Unsolicited offers:
Avoid unsolicited offers for foreclosure help, especially those appearing on signs, fliers, or hand-written notes. These are often scams designed to take advantage of vulnerable homeowners. - Due diligence:
Before hiring any short sale negotiator or other professional, do your research. Ask for references and check them with licensing authorities. - Review documents:
Read all documents carefully before signing and ask questions. Don’t be afraid to seek clarification or advice.
Seek professional advice:
Consult with an attorney or other neutral third party to get advice on your situation and ensure you understand all the terms of any agreement. - Trust your gut:
If something feels wrong or too good to be true, it’s best to be cautious and seek further information.
Examples of common real estate scams:
- Wire transfer fraud:
Scammers may impersonate a seller or buyer and direct you to wire money to an unfamiliar account. - Loan flipping:
Unscrupulous lenders may encourage you to repeatedly refinance your mortgage for longer terms, resulting in high fees and eroding your equity. - Deed and title fraud:
Scammers may forge documents to transfer ownership of your property or to take control of your mortgage. - Rental listing scams:
Scammers may create fake rental listings to lure tenants and steal their money.Resources:
Washington State Office of the Attorney General: Washington State Attorney General’s website for information and resources on consumer protection.
Federal Trade Commission: ReportFraud.ftc.gov for reporting scams and fraud.