5 Scams Targeting New Homeowners

As a new homeowner, you might become a target for various scams that can jeopardize your financial security and peace of mind. Here's a brief overview of five common scams and how to avoid them:

  1. Rental Scams: Fraudsters create fake rental listings that seem too good to be true. They request deposits and rental payments upfront without showing the property. Always verify listings and avoid sending money before seeing the property in person.

  2. Wire Scams: Scammers impersonate real estate agents or title companies, instructing you to wire funds to a fraudulent account. Confirm wire instructions directly with your agent through known contact methods before transferring any money​ (Realtor)​​ (Refinance Or Apply For A Mortgage Online)​.

  3. Bait and Switch: Scammers advertise properties at attractive prices only to claim they are unavailable and offer inferior alternatives. Research agents and properties thoroughly to avoid being lured into a bad deal​ (Scam Detector)​.

  4. Faking Interest: Some scammers hype up interest in a property to pressure you into a quick decision, often resulting in overpaying for less desirable homes. Take your time and consult multiple sources before making any offers​ (Refinance Or Apply For A Mortgage Online)​.

  5. Lockout Clause Scams: Con artists may pressure you into contracts with clauses that prevent you from selling to other buyers, locking you into unfavorable terms. Carefully review contracts and seek legal advice if unsure about any terms​ (Scam Detector)​.

Staying informed and vigilant can help protect you from these common real estate scams.

For more detailed information, visit the original article on Texas Real Estate.

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