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There are very many resources on how to succeed in real estate on the internet. There are also many great deals available online. zack childress real estate scam tips However, there are also very many scams that are out to steal from real estate entrepreneurs.
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There are very many resources on how to succeed in real estate on the internet. There are also many great deals available online. Zack Childress real estate scam tips However, there are also very many scams that are out to steal from real estate entrepreneurs.
Zack Childress scam warning tips take you through some of the common ways fraudster try to get your cash and how to avoid them. • Title fraud • Foreclosure or home-equity fraud • Property investment courses and seminars
1.Title Fraud: This is the rarest type of fraud but the most devastating of all. The fraudster gains the title documents from the real owner of the property, forges the documents, and then transfers the ownership to his own name. Using the forged documents, the fraudster takes a mortgage or any other line of credit and leaves with the cash.
Title fraud is prevalent with homes that are free from mortgage and owned by old people. These people do not know how to protect themselves from identity theft. To avoid falling victim, avoid sharing the critical property documents with the third parties until the final stages of the transfer of title. You can also take title insurance.
2.Foreclosure or home-equity fraud: If you are short on funds, you may use the property to get some cash to cover your expenses. Criminals approach the funds-stripped house owners and promise to consolidate the loans as he holds the title for the property. The criminal then fails to make payments as agreed. He also keeps all the payments that are made by the client.
After sometime, the criminal reportages the property and disappears with the cash. The house owner is left in debts without the property. Zack Childress’ Foreclosure and home equity scam tips Be wary of agents who promise good deals in exchange for the property equity. Leveraging properties is always very risky. However, if you must do it, consider using a lawyer and your financial advisor.
3.Property Investment courses and seminars: It is important that you educate yourself on real estate. However, ensure that you do the research on the suitability and the accuracy of the courses before enrolling into the programs. Many people do not dispose their property frequently. So one should be conscious of the Craigslist Scam that has become commonplace.
The scammer utilizes marketing pictures and notifications to lay the bait to the one who is interested in renting the house. Don’t let your vacation be Scam Seminars where the speakers try to sell their properties are scams. Likewise, avoid workshops, which charge excessively but have no proven success against their claims.
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