As you start the journey of purchasing real estate, you need to know how to protect yourself and your finances. The local Realtors® at Lawrence Realty Inc advise their clients about the common scams they see when people buy a home in Red Wing, MN. They’ve outlined a few of them here, so you know what to look for and how to avoid these dangerous traps.
Scams Targeting Homebuyers
1. Fake Real Estate Listings
Scammers will take a real listing and duplicate it online. They copy the photos and home description, and list it online for much cheaper. They then request the buyer wire them money to take the listing. Always be concerned if a property seems like too good a deal, or if someone asks you to send them money without meeting them first.
2. Stolen Down Payment
Hackers may target your agent’s email account and send you instructions to wire closing funds. If you follow them, you’ll send money overseas into an untraceable account. To protect yourself from this scam, always have conversations about finances with a real estate agent either over the phone or in person. When you do wire funds, call immediately to confirm receipt of the funds, so you can freeze them in time if you suspect a scam.
3. Unlicensed Agents
People may pose as licensed real estate agents to steal your money. They work with buyers through the entire process on either side of the sale, then steal the escrow funds. Vet everyone you work with as you buy a home to ensure they have a valid real estate license and a good reputation.
The best way to protect yourself when you buy a home is to work with a trusted and experienced team. Lawrence Realty Inc has been a respected part of the Minnesota and Western Wisconsin community since 1948. Their Realtors® will work with your best interests in mind and handle everything on your behalf as you go through your transaction. Visit their website to learn more about how they can serve you, and call them at (651) 388-4745 to start searching for your dream home today!