This presentation by the MoRe 2.0 Conference reviews some of the most unspoken frauds in the real estate industry and what property dealers can do to avoid such spam and scam encounters.
Ashiana Vatsalya Senior Living Mahindra World City, Chennai
Real Estate Scams You Didn't Know About: Understanding Dealer's Perspective With MoRe 2.0 Conference
1. Real Estate Scams You Didn't Know About:
Understanding Dealer's Perspective With
MoRe 2.0 Conference
2. ➔ Introduction To Real Estate
Scam
➔ Most Unspoken Frauds of the
Real Estate Industry
➔ Things Property Dealers Can
Do to Avoid Real Estate Fraud
➔ Takeaways
Table Of Contents
4. ★ Real estate is one of the world's largest and most complex industries. As it will be
brought into light at the MoRe 2.0 Conference 2023 editions, real estate is also
vulnerable to scams and fraudulent activity, which can cause harm to property buyers,
sellers, and the market as a whole.
★ Real estate scams are fraudulent schemes used to persuade individuals to invest in or
purchase property that does not exist, is overpriced, or is otherwise financially unsound.
★ As discussed by a real expert veteran who will attend the MoRe 2.0 Conference Dubai
edition, scam perpetrators will often use high-pressure sales tactics and manipulative
language to entice unsuspecting victims into making a bad investment or purchase.
★ Real estate scams can be executed by individuals, small groups, or even large
organizations. The most common scams involve false advertising, misrepresentation, and
financial fraud. Victims of these scams can suffer significant financial losses, and in some
cases, psychological harm as well.
6. Check out some of the most unspoken real estate spam, as discussed by
MoRe 2.0 Conference experts, you must know about →
7. Phony Rental Scams:
Phony rental scams involve fraudulent individuals posing as landlords or property owners
and listing fake rental properties online. MoRe 2.0 Conference’s team of experts say that in
such a scam, the criminal will often request upfront payments from prospective tenants,
who later discover that the property does not actually exist.
Inflated Appraisal Scams:
Inflated appraisal scams occur when the appraiser overvalues a property, often at the
request of the seller or a mortgage broker. This can result in the buyer paying more than
the property is actually worth or the seller receiving more than the property is worth.
Mortgage Fraud:
Adding further, MoRe 2.0 Conference’s leaders say that mortgage fraud occurs when a
person falsifies information on a mortgage application, such as income, employment, or
assets, in order to obtain a loan they wouldn't otherwise qualify for. Such fraud can have
serious consequences for both the borrower and the lender.
8. Hidden Fee Scams:
As stated at the Spring Edition of the MoRe 2.0 Conference, hidden fee spam or scam occur
when a property dealer or real estate agent charges additional fees, such as closing costs,
that were not disclosed or agreed upon during the negotiation process.
Bait-and-Switch Scams:
Bait-and-switch scams occur when a property dealer advertises a property for sale or rent
at an attractive price but then switches the deal to a different property or price once the
buyer or tenant is interested.
10. ➢ Real estate fraud has become an increasingly common problem today, says a
RealTech expert of MoRe 2.0 Conference who will join the force of leaders in the
USA.
➢ It can take many forms, such as fraudulently obtaining financing for a property,
misrepresenting a property's condition, or falsifying documents.
➢ Property dealers who wish to avoid becoming victims of real estate fraud should
be aware of the risks and take certain steps to protect themselves, reviews the
MoRe 2.0 Conference.
➢ For your convenience, the upcoming slides contain a few tips and tactics for
property dealers to avoid scam, spam and fraud from the real estate industry →
11. 1. Verify Information: Property dealers should verify the information provided by clients,
such as employment, income, and assets, to ensure that it is accurate and legitimate.
1. Hire a Professional Appraiser: Property dealers should hire a professional and
independent appraiser to accurately value a property.
1. Be Transparent: Property dealers should be transparent about all fees, including
closing costs, and ensure that all fees are disclosed and agreed upon in writing.
1. Do Your Own Research: Property dealers should conduct their own research, such as
checking the background of clients and reviewing public records, to reduce the risk of
fraud.
1. Stay Informed: Property dealers should stay informed about current scams and
fraudulent activities in the real estate industry, as well as best practices for avoiding
fraud.
13. ❏ Fraudulent activity is a persistent threat in the real estate industry, says
MoRe 2.0 Conference's trendsetters.
❏ But property dealers can take steps to reduce their risk of being a victim
or contributing to fraud.
❏ By verifying information, hiring professional appraisers, being
transparent, conducting research, and staying informed, property dealers
can ensure a fair and secure real estate market for all.
❏ It's essential to be wary and vigilant of the potential for fraud in any real
estate transaction and to take the necessary steps to protect yourself and
your clients.
This presentation by the MoRe 2.0 Conference reviews some of the most unspoken frauds in the real estate industry and what property dealers can do to avoid such spam and scam encounters.