Real estate fraud occurs when individuals or agencies provide false information for fraudulent real estate transactions. Attorney Mark Mellor writes in his article that fraud happens when a seller provides false information to an unsuspecting buyer that has a negative financial impact. When involved in any real estate transaction, accurate and transparent property information is critical. The common types of fraud found in real estate are:
· Value fraud which occurs when a seller provides a buyer with false information about the real estate property’s actual value.
· Mortgage fraud happens when material information or crucial data relating to property results in one or multiple fraudulent transactions because of misrepresented material information.
· Title fraud like you’ve seen on television occurs when the ownership of a property falsely changes or is occupied using fraudulent methods.
· Foreclosure fraud like Title fraud occurs when a property is wrongly foreclosed on, resulting in the homeowner moving out and giving up their home.
· Syndicator fraud is an individual or entity that organizes investor groups like a REIT to contribute money into massive funds. The situation becomes fraudulent when the syndicator collects investment money and money for suspicious fees under false pretenses without a legitimate investment opportunity.
Jerry of Ipsen Due Diligence is available to investigate and document your case in preparation for legal action.
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