One thing is for sure is that many homeowners and just people overall are not trained to spot a scam. In this high-tech world, criminals have become adept at developing scams in the real estate housing industry. These tactics include some of the many services that, however, the importance of understanding how to spot these scams will help increase your overall knowledge and the importance of working with a licensed professional in buying or selling your home in Oklahoma City. One thing you can rest assured of is that you can feel secure knowing you are working with licensed professionals, who are trustworthy service providers with Exit Strategy Investments.
We don’t want to see you on the news as a victim of any real estate scams, as this is something that nobody wants to happen especially with their real estate in any transactions.
Here in this article, we will cover some areas to help you spot a scam and provide some tips to help assist with your protection.
Refinance Your Existing Home Mortgage
There are some predatory lenders out there today that will persuade homeowners to actually refinance their home over and over, this type of practice is actually known as “Loan Flipping.” More often than not, borrowers end up with zero equity leftover to have any leverage in addition to high-interest loans they don’t fully understand. It is not the best way to finance a mortgage within a close timeline of another.
One of the favorite targets that scam artists tend to go after is the elderly population, especially those who have additional vulnerability memory impairment brings. Did you know that lenders are actually required to provide closing disclosures as well as loan estimates, additional providing any third-party costs and all fees? We’d recommend that if you are a senior and are conducting any business transactions, we’d highly recommend you frequently have your transactions that require a signature be reviewed by a trusted family member or friend. Another great way to validate the trust is to see the Better Business Bureau has vetted them, remember not all businesses operate ethically and there are some ways you can spot a scam, we buy houses Oklahoma City.
Working with Exit Strategy Investments will give you the peace of mind you need and deserve when selling your house directly in Oklahoma!
At Exit Strategy Investments, we pride ourselves on being the best local professional home buyers in Oklahoma that you can sell your house directly.
Money Transfer Instructions
Wait! Don’t click that link yet! The next target is escrow funds, if you are ever contacted to send money by any means of communication, especially if there are any changes in the original instructions, we’d recommend that you double-check your paperwork to ensure the contact information matches before you confirm.
If you ever have any questions or concerns do not hesitate to reach out to your lender to confirm the instructions that you just received are legitimate and not actually some type of scam. But be sure you call the number on the statements, and not the number that is located on the new instructions for confirmation. Look these criminals nowadays like to create an offshore account and disappear with your funds that you have transferred to them. Once you initiate the money transfer, you will receive a confirmation receipt, once you have received this kindly reach out to your settlement agent to confirm receipt as well. Once again these are all safeguards.
Fakes Online and Over The Phone
If you make the decision to rent your property out, you want to once again take the necessary precautions to safeguard yourself from becoming a victim of a scam. If someone is claiming or acting as a representative of the owner, simply contact the owner and speak or meet with them personally, to confirm you are actually dealing with the right person! If this individual is claiming to be a real estate professional, ask to see their license and take a picture of it. All licenses can be validated on the state’s real estate licensing website, for Oklahoman’s this will be on the Oklahoma Real Estate Commission website.
In the end, trust your gut instincts. Your gut has been involved in a lot of your life experiences since it acts as your second brain. If you feel something strange about them from your first initial contact, then you’re probably right about that feeling. Be very cautious of anyone interested in your equity! Reach out to those you know and trust for recommendations if something just doesn’t sound right to you.
And lastly don’t click on links or respond to the message that may be from a potential scammer. However, we do advise you to contact your local law enforcement in your city and let them know about the situation. In addition, feel free to reach out to the FTC on their website to report any fraud, identity theft, or other financial scams.
Working with Exit Strategy Investments to buy or sell your house will remove all doubts and can help you spot a scam when you are selling or buying a house in Oklahoma City. Reach out to us today to learn more about how we can help you with one of our thoughtful solutions!
Call today at (405) 698-3948