Foreclosure Listing Scams
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What Are Foreclosure Listings?
Foreclosure listings are databases that contain information about property that is up for foreclosure. These are often available for free through online databases. There are also private foreclosure listings that can be obtained through a fee or through a subscription. Private foreclosure listings often provide more recent information and can often grant property seekers access to more limited listings.
In recent years, foreclosure listings have become instrumental in certain types of scams and fraud schemes. This is especially true of online listings and public data bases. Thus, one should always verify information obtained from a foreclosure listing.
What Are Some Examples of Foreclosure Listing Scams?
There are various ways that foreclosure lists can be used in a scam. Some of these include:
- Fraudulent listings: Misinformation regarding property prices, dimensions, condition, numbers of bedrooms, etc. can lead to a scam violation.
- "Phishing": Some companies may require the property seeker to enter in their private information in order to use a list. They might then steal this information and commit an identity theft or other type of virtual crime.
- Frauds involving Credentials: Listings can sometimes be a way for persons to market themselves. Some fraudsters may post fraudulent information regarding their credentials.
Thus, it can sometimes actually be safer to deal with private listings put out by foreclosure experts, even if it costs a small fee to do so. These types of listings are often more reputable and dependable in terms of the information that they set forth.
What If I’ve Been Involved in a Scam?
Proving a foreclosure fraud can sometimes be difficult because most fraudsters tend to disappear as soon as they obtain the necessary information or money. You should always check the backgrounds and credentials of the parties you are dealing with whenever handling foreclosed property. You should try to obtain all terms in writing, especially when it comes to pricing and payment terms.
Records of the property title should be available at a county recorder’s office, and you can research the title history there. Lastly, it also helps to speak with a professional such as a real estate agent or an attorney if you have any questions about the way property is represented in a listing.
Do I Need a Lawyer?
Foreclosure listing scams have increased in recent years. You may wish to hire a lawyer if you need representation regarding any type of real estate issue. Your attorney will be able to provide you with legal information and advice for your situation. Also, your lawyer can help keep you informed of newer types of scams that are appearing in the real estate market.
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Last Modified: 08-03-2015 02:43 PM PDT
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