Seller Impersonation Fraud
Seller Impersonation Fraud: What you need to know!
Unfortunately, fraudsters don’t stop at just wire fraud. Even though this message is primarily for our real estate partners, homeowners should also be aware of this danger. Fraudsters have started to impersonate an owner and try to sell a property they don’t own. Vacant lots, secondary homes, and vacation homes are the main targets.
Here are some signs of seller impersonation fraud:
- The “Seller” only makes contact only via email or text.
- The “Seller” makes excuses on why they can’t talk on the phone, show up in person or appear virtually.
- The “Seller” demands a quick sale and insists on a low asking price or is overly willing to take a lowball offer.
- The “Seller” doesn’t have proper identification.
- The “Seller” tries to use their own notary, the “notary” of course is part of the fraud.
- The “Seller” offers incentives or is willing to cut corners for a quicker closing.
How can you help to stop it from happening?
- Know your seller! If you do not, request an in-person or virtual meeting to see their
government-issued ID. - Independently search for the identity and a recent picture of the property seller.
- Be on alert when a seller accepts an offer below market value in exchange for receiving the payment in cash and/or closing quickly.
- Never allow a seller to arrange their own notary closing.
- Let our trusted team of experts help your with the exchange of closing documents and funds.
If you suspect that you are a victim of fraud, it is vital to act FAST!
It’s important to be aware of these signs and recognize when something might be off.
File a fraud report with local and state law enforcement, the Federal Trade Commission at ftc.gov and the Federal Bureau of Investigation’s Internet Crime Complaint Center at ic3.gov.
Owners Title Insurance includes protection against seller impersonation fraud for their purchase of the property! Let our us help you protect your property, contact your local team today.
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