TOPEKA (KSNT) – The Kansas Real Estate Commission (KREC) is warning Kansas residents to be wary of financially devastating scams.
KREC’s Wendy Alkiel said in a press release that real estate fraud can result in significant financial losses for victims. He said this type of fraud can be “expensive or impossible to recover” and involves fraudsters engaging in “sophisticated real estate fraud” in which they sell properties they don’t own. He said there was.
Scammers target vacant or vacant properties, often using fake identification in the name of the property owner. This can make it difficult to recognize fraud before the property is sold and the money is transferred.
“Fraud in real estate transactions is neither new nor unique,” Alkiel said in a press release. “The best way for property owners to avoid becoming a victim is to stay informed and be aware of the red flags.”
These warning signs are listed below.
- No “For Sale” signs are permitted on the premises
- We will not meet in person or by video (only via email or text)
- claim that you are not in that state or country
- request a cash transaction
- I want to list at a price lower than the market price
- expedite the sales process
- Employing licensees in a different market area than the one in which the property is located
- Waives standard due diligence such as earnest money deposit
- Pressure the licensee to ensure that the contract is finalized
- Request a remote closing with a remote notary
Alkire said you can report suspected land fraud to the FBI by clicking here. Online he can also report scams to the BBB Scam Tracker and the Kansas Attorney General’s Office.
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