Ever feel like you're living in an episode of a crime show? Well, for Sasha Henderson and her husband, that feeling was almost too real. Imagine this: you find the perfect piece of land, make an offer, and it's accepted. You’re already daydreaming about your future home, only to find out 10 days before closing that the real owner had no idea the property was even for sale. Scary, right?
That’s exactly what happened to the Hendersons when they tried to purchase 10 acres of stunning land in Elbert County, Colorado. They were just days away from sealing the deal when the title company raised a red flag. Turns out, the "seller" was a scammer, and the real owner had no intention of selling. “We were devastated,” Sasha said, “What if we had closed on it? What if we put a house on it?”
The Growing Threat of Real Estate Scams
This isn’t just a one-off. Real estate scams are becoming more common, especially as more transactions move online. Fraudsters often target properties that are free of mortgages, especially those owned by out-of-state residents. These scammers can easily pose as the owner, list the property for sale, and vanish with your money before you even know what hit you.
How to Spot a Real Estate Scam
According to broker Rhonda Basey, who helped the Hendersons avoid disaster, there are often subtle signs that something's off—like suspicious emails with odd punctuation or capitalization. But the best defense? Get title insurance. Even if you're paying cash and don’t have a lender requiring it, title insurance is a must. It’s your safety net against fraud, ensuring that you don’t lose your investment if a scammer tries to sell you a property they don’t own.
Should You Pay for Fraud Protection Services?
You might have seen those ads on TV claiming they can protect you from title scams for a monthly fee. Rhonda says, don’t be fooled. These services might not keep a close eye on suspicious activities as they claim. Instead, many counties offer free fraud alert systems. Just sign up with your name and email, and you’ll be notified if something shady happens with your property. If you receive an alert, contact your title company immediately to investigate.
The Elderly Are Particularly Vulnerable
While anyone can fall victim to these scams, older adults are often at higher risk. They tend to be more trusting and might not expect such deceit. Scammers might even use obituaries to find recent widows or widowers and target their properties. If a senior's home is vacant—maybe because they're staying with family or in a care facility—it’s a prime target for fraudsters.
Protecting Your Property
If you or a loved one plans to be away from home for an extended period, make sure the property looks lived-in. Set timers for lights, keep up with mail and newspapers, and consider installing a security camera like a Ring doorbell. It’s also wise to inform local law enforcement, who may keep an eye on the property.
Dealing with Mortgage Scams
For seniors who still have a mortgage, scammers might offer "relief" services, promising to take over payments or provide assistance in exchange for personal financial information. These are classic red flags. Always contact your mortgage company directly if you're struggling with payments—they may offer flexibility to help you out.
What To Do If You Can't Pay Your Mortgage
If you're having trouble making payments, don’t panic. There are many local and state assistance programs available, particularly for seniors. The first step should be to call your mortgage company’s customer service—they’re often more willing to help than you might think.
Final Thoughts
Scammers are becoming more sophisticated, especially in the real estate market. But with the right precautions, you can protect yourself and your property. Always verify who you're dealing with, secure title insurance, and make your home look occupied when you're away.
To read more, find source article here