Welcome back to our weekly real estate tips! In parts 1 and 2, we discussed the various real estate scams that can target unsuspecting buyers and sellers. While these tactics can be unsettling, the good news is there are proactive steps you can take to safeguard yourself throughout the home buying journey. Here at BRAZOBAN Realty Group, we prioritize client safety and want to empower you with the knowledge to navigate the real estate market with confidence.
Embrace Due Diligence: The Cornerstone of Protection
As Ken Fisher emphasizes in his book “How to Smell a RAT,” meticulous research is your best defense. This involves verifying licenses of all professionals involved (realtors, attorneys, inspectors) through the respective state licensing boards. Reputable online platforms can also offer valuable insights into an agent’s track record and affiliations.
Beware of Unsolicited Contact: Red Flag Alert
Legitimate realtors and lenders won’t pressure you with unsolicited calls or emails promising quick fixes or “government-backed” deals. If you receive such contacts, disregard them and report them to the Federal Trade Commission (FTC).
Guarding Your Financial Information: Security First
Never share financial details like bank accounts or social security numbers over the phone or email. Legitimate transactions happen in person, after thorough verification and with secure platforms.
Question Everything: Knowledge is Power
Don’t hesitate to ask questions and clarify anything that seems unclear. A trustworthy professional will welcome your inquiries and provide clear explanations. Be wary of agents who pressure you to rush into decisions or avoid standard procedures.
The Power of a Trusted Team: Strength in Numbers
Surround yourself with a team of reliable professionals, including a realtor, lawyer, and lender. Seek recommendations from friends, family, or colleagues who have had positive experiences. A strong team can identify red flags and guide you through the process smoothly.
Tech Tools for Security: Leveraging Modern Solutions
Many lenders utilize secure fintech platforms for document exchange and communication. Leveraging these platforms adds a layer of protection for your sensitive information.
Beware of Emotional Manipulation: Staying Grounded
Scammers often exploit emotional vulnerabilities, especially during stressful times like closing. Stay grounded, don’t be pressured into last-minute changes, and verify any wiring instructions directly with your attorney or lender.
Conclusion
By following these tips and staying vigilant, you can significantly reduce the risk of falling victim to a real estate scam. Remember, BRAZOBAN Realty Group is here to assist you in your home buying journey. If you have any questions or concerns, don’t hesitate to contact us. We also encourage you to subscribe to our weekly newsletter for more valuable real estate insights.
Sources:
Ken Fisher, BARNES & NOBLE “How to Smell a Rat: The 5 Signals of Financial Fraud”
Gerard Splendore for U.S. News
Jamie Johnson for Rocket Mortgage
