BiggerPockets Daily
Common Real Estate Scams to Keep an Eye Out For
Feb 8, 2025
Dive into the murky waters of real estate scams and discover how complex they can be. From contractor fraud to sneaky insurance scams, there are numerous pitfalls to avoid. Learn to identify red flags that can save your investments. This conversation empowers listeners with essential knowledge and preventative tactics to navigate the treacherous landscape of property ownership. Stay informed and protect yourself from fraud!
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Quick takeaways
- Contractor scams exploit urgent repair needs, urging immediate contracts without written estimates, leading to potential financial loss.
- Insurance scams, including ghost brokers, promise attractive premiums while offering no real coverage, jeopardizing property owners' protection.
Deep dives
Understanding Contractor Scams
Contractor scams often target property owners in urgent situations, particularly those needing repairs after disasters. Unscrupulous contractors may exaggerate damage and press for immediate contracts, leading to subpar or no work at all. Recognizing red flags such as the absence of written estimates and pressure to pay upfront can prevent falling victim to these schemes. Always verify a contractor's credentials and ensure they are licensed and insured to protect your investment.
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