BiggerPockets Daily Common Real Estate Scams to Keep an Eye Out For
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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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Avoid Contractor Scams
- Get written estimates from contractors before signing any contracts.
- Never pay in full upfront; pay a small deposit and the rest upon satisfactory completion.
Avoid Insurance Scams
- Compare insurance quotes from multiple reputable providers and verify agents' credentials.
- Ensure you receive complete policy documentation before paying premiums.
Spot Fake Listings
- Be wary of unrealistically low prices and listings lacking detailed information.
- Reverse image search photos and scrutinize listings for typos and poor grammar.