Beware: Fake Real Estate Listings And Scams, Get Tips
Buying a home and finding a place to rent is already a difficult task. And now there’s the worry of fake real estate listings and scams. Scammers are targeting potential homebuyers and renters in Michigan using fake real estate listings. Fake real estate listings often advertise properties that don’t exist, are not for sale or rent, or are not what they appear to be.
According to officials, an online posting on real estate marketplace Zillow listed a Florida house priced at less than three percent of its actual worth with the listing agent indicating it would only deal with first-time homebuyers without representation. The lister also required a $4,500 deposit before the home could be viewed.
Another home, also in Florida, was used for four different scams using the Facebook Marketplace to lure consumers looking to buy or rent the same home. These details showcase warning signs that should tell potential buyers and renters that the listings are fraudulent.
Michigan Attorney General Dana Nessel has issued a new consumer alert, “Real Estate Scams – How to Avoid Being Taken in by Fake Listings” to educate renters and homebuyers on how to avoid property scams, spurred by recent reports.
Scenarios of fake real estate listings.
A Kentucky news outlet reported that a family had been searching for a rental home when a “perfect fit” property became available on Zillow. The family knew they had been scammed when they could not get in contact with the person they thought was the property manager, and the keys did not open the door.
Avoid scams with these tips.
Zillow is also telling consumers to beware of scams and other internet fraud with real estate listings. “If you find a fraudulent listing on Zillow, please report it by clicking ‘Report Listing’ and selecting ‘Listing seems to be fraudulent or illegal.’ on the listing page in question,” said the company.
Most scams involve a request to wire funds. Do not wire funds to anyone you haven’t met personally. Scammers create convincing reasons why they need to deal remotely. Likewise, do not accept wire funds that you did not initiate. The company also said that most scams come from users in foreign countries who claim to be interested in purchasing or renting out a home. If you are asked to provide a code sent to your cell phone via text or phone call, this is a potential scam.
This tip should really go without saying, but do not provide your bank account number or Social Security Number to unknown sources. First, verify it is a trusted source and then only provide this information sparingly.
Additionally, emails filled with spelling and grammatical errors are usually a sign of fraud. British spellings of words such as “favour” instead of “favor” is also a sign of a rental scam. Messages involving stories of family or financial issues, or of agents who charge too high a premium are usually fraud.
Take a look at some more tips here.
Living Large: Michigan's Wealthiest Counties
5. Grand Traverse County
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Median Income: $69, 393
Investment Income: $47, 522
Median Home Value: $373, 836
National Rank: 4974. Oakland County
Median Income: $86, 275
Investment Income: $48, 897
Median Home Value: $334, 448
National Rank: 310
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3. Livingston County
Median Income: $88, 908
Investment Income: $25, 044
Median Home Value: $362, 766
National Rank: 287
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2. Washtenaw County
Median Income: $79, 198
Investment Income: $44, 796
Median Home Value: $373, 627
National Rank: 271
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1. Leelanau County
Median Income: $72, 709
Investment Income: $56, 192
Median Home Value: $509, 272
National Rank: 266
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