09/07/2024
Though we live in a small community, do not think real estate fraud can’t happen to you. We have been notified that real estate fraud has hit the Union Parish Community. One local fraud case was perpetrated against a homeowner and a second local fraud case was perpetrated against a title company (not us thankfully, but it can happen to anyone).
Real estate fraud occurs when individuals or agencies provide false information for fraudulent real estate transactions.
Common types of real estate fraud include, but are not limited to, value fraud, mortgage fraud, title fraud and foreclosure fraud.
A few ways to prevent real estate fraud include, but are not limited to (though these are good for informational uses, these strategies would not have prevented the particular type of real estate fraud conducted here in Union):
Avoid Rushing - Rushing to finalize real estate transactions can be a guaranteed route to real estate fraud, whether you’re buying or selling. Take your time and verify all information before finalizing your transaction.
Conduct a Thorough Investigation - Do your homework. Make sure your research all parties that are involved in the transaction. It is always a good idea to know who you’re working with.
Get an Appraisal - Getting an appraisal on the property you plan to buy or sell gives you a fair and reliable property value.
Get a Survey - Having an updated survey clearly establishing boundary lines can prevent future boundary disputes and also ensures you know exactly what you are buying or selling. It can also give you notice of any potential boundary or possession issues with the property.
Double and Triple Check Wire Instructions when wiring money involving real estate transactions. Call the institutions involved in the wire transaction prior to in order to make sure you speak with a human being and to verify the instructions. Wire fraud is on the rise and has also hit our community. Attorneys and Title Companies beware.
Real estate fraud is a serious offense, and you can endure huge losses because of it. Like any other type of fraud, real estate fraud is unfortunate and even the most careful buyers can become targets. When something doesn’t seem quite right, contact an experienced real estate attorney to help guide you.
