Fraud Watch: Homebuyers and Owners Beware

With today’s tight real estate market there is often pressure to act quickly when you find that perfect place. Scammers know this and are waiting to pounce. Here are three things to be aware of when shopping for a home.

Wire fraud can happen when a criminal impersonates a real estate or title company and asks you to send the closing costs to them. Before wiring any funds contact your real estate company and confirm the account information, routing instructions and total amount needed.

Criminals are also in the market to take advantage of those at risk of foreclosure. Beware of anyone promising to make your mortgage payment issues go away -- especially if they ask for an upfront fee.

Lastly, if you are looking to rent a home, make sure and visit in person before paying a deposit. Rental scams happen often with criminals creating legitimate looking websites offering great deals on homes that aren’t really up for rent.

The AARP Fraud Watch Network is a free resource for all. Learn how to proactively spot scams or get guidance if you’ve been targeted. Visit aarp.org/fraudwatchnetwork or call our dedicated helpline to speak to a fraud specialist at 1-877-908-3360.