Real Estate Fraud
Chances are that you have most likely heard about real estate fraud, which is becoming a more and more common problem- especially with the current uproar of the booming real estate market. What types of issues can occur with real estate fraud?
Here, we will take a closer look at some of them.
One of the biggest issues that occur with real estate fraud is mortgage fraud. What happens is mortgage companies inflate the rates that you pay in order to make a profit for themselves. It is an important thing to look out for.
Using a reputable mortgage company is a good idea in this case. Another common form of real estate fraud is house flipping, in which a buyer buys a house for a very low price and then sells it for a very high price.
This is becoming a way that some people make a living, and is an increasing problem. Another form of real estate fraud is when real estate agents or brokers assist buyers who would not qualify for a new home by lying about their employment history or credit.
There are a number of different consequences that can come with real estate fraud if you or your real estate agent are discovered and convicted.
Of course, the consequences that you will face mainly depends on the state that the crime is convicted.
For your sake, it is a good idea to avoid real estate fraud at all cost.
While some forms may be beneficial to you, others many not- such as mortgage fraud, in which you will end up paying a higher price than you normally would have to.
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