Foreclosure Fraud Alert for Homebuyers and Homeowners in Richmond

In today’s highly competitive real estate market, with the need to act very quickly when the ideal property is discovered, scammers are always on alert as they are aware of this urgency and are ready to take advantage of it, devising many ways to steal your money.

Here are three crucial points you should keep in mind when buying a home, selling it, or if you are in a foreclosure process.

One of the most common ways scammers can take advantage of you is through wire fraud, which can occur when a scammer contacts you via email or phone, posing as a real estate or title company, and instructs you to transfer the closing costs to them. Therefore, before sending money, contact your real estate company or the people handling your transaction to verify the account details, routing instructions, and the exact amount required.

Scammers also pay special attention to vulnerable people or those going through a foreclosure process. If someone contacts you saying your property is up for auction, first make sure they are indeed a bank official. And be particularly cautious of anyone who claims they can solve your mortgage payment problems, especially if they demand an upfront fee.

Finally, if you are thinking of renting a property, it is essential to ensure you visit it in person before making any deposit. Rental scams are perhaps the most common, with scammers creating authentic-looking websites that advertise attractive deals on properties that are not actually available for rent.

Available Foreclosures:

Richmond: 25 homes available.

Virginia Beach: 30 homes available.

Norfolk: 18 homes available.

By Elias DaSilva | October 17, 2024.