Consumer Real Estate Fraud on the Rise: A Guide from Realtors in Moore County, NC
Key Facts:
- Widespread Lack of Awareness:
60% of homebuyers and sellers are unaware of the risks associated with real estate fraud. - Rapidly Growing Cybercrime:
Cybercrime related to real estate transactions is one of the fastest-growing crimes in the United States. - Deceptive Scammer Tactics:
22% of fraudulent communications are crafted to appear as though they originate from a legitimate real estate agent involved in the transaction. - Significant Financial Impact:
Last year, more than 5% of consumers fell victim to real estate fraud, with median losses exceeding $70,000. Both buyers and sellers were affected, with buyers losing down payments and sellers losing net proceeds.
Preventive Measures:
- Face-to-Face Communication:
It is essential for realtors in Moore County, NC, to have in-person discussions with clients to explain the risks of real estate fraud. Encourage clients to verify wiring instructions by calling a trusted phone number—never rely on contact information provided in emails containing wiring instructions. - Awareness of Common Scams:
Below are the three most common scams targeting buyers, sellers, and title or law firms.
Contact me if you’re looking for property for sale in Moore County, NC.