Imagine waking up tomorrow to find out your valuable home is listed “for sale” on the internet for the low, low price of just $10,000. More Americans are facing that situation every day with real estate fraud on the rise.
Latest Real Estate Fraud: Houses For Sale On Internet By Scammers
Now more than ever, business deals of all types are being completed on the internet rather than in person. Of course, that includes the sale or rental of single-family homes. Unfortunately, internet business transactions also come with the risk of fraud.
A Kansas City couple recently noticed their 5-bedroom house for sale on a popular internet property website for just over $10,000. According to an article by Kate Gibson on CBSNews.com, Jamey and Lauren Bertram were told by some friends that they saw their house “for sale by owner” on Zillow.com.
The Bertrams had no intention of moving, selling, or renting their home. Yet there it was, listed for the low, low price of $10,200. The listing notified potential buyers to call someone named “Mandi” at a Las Vegas telephone number.
The Gibson article goes on to report that once you call that phone number, you’re instructed to send $200 to “Mandi” through a bank money transfer app. Once that fraudulent transaction was completed, the interested buyer would then be instructed to visit the house for a walk-through, which would never occur. Needless to say, the Bertrams had plenty of interested parties knocking on their door wanting that walk-through.
How Does Real Estate Fraud Like This Happen?
So how can something like this happen? According to the CBSNews.com posting, the Bertrams’ house was originally listed for sale at $1.2 million. That’s how the listing got past Zillow’s security measures.
Once posted, the real estate fraudsters dropped the price down to $10,200 with the “too good to be true” explanation that they own lots of houses and once a year they like to sell one at a cheap price as a tax write-off.
FBI Tips To Avoid Becoming A Victim Of Real Estate Fraud
Apparently, real estate fraud is on the rise in the U.S.A. Moreover, Gibson’s article indicates that over 9,500 Americans were victims of real estate fraud and home rental scams in 2023.
The FBI’s website lists some very helpful tips to avoid becoming a victim of real estate fraud and home rental scams. For example, do NOT wire money to people you do not know. In addition, do not make any down payments or security payments for a house or apartment you’ve never seen.
Furthermore, never complete any online forms or applications until you’ve met in person with the actual homeowner, real estate agent, or property manager. To see all of the FBI’s tip for avoiding real estate fraud, click here.
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