Across the country, Americans are still dealing with the trickle-down effects the pandemic left in its wake–and real estate is no exception. Prospective homebuyers face record-low inventory and bidding wars continue to be commonplace. With stiff competition, it can be tempting for homebuyers to take shortcuts in the homebuying process. However, moving too fast in purchasing real estate can increase exposure to unforeseen risks. A relatively new scam, seller impersonation fraud, is rising across the nation. Buyers must be aware of its telltale signs.
Seller impersonation fraud is a scam in which bad actors impersonate property owners and try to sell homes or vacant land they do not own. Those who fall victim to these scams could potentially lose their hard-earned down payments if the criminals are not caught in the act.
