GREEN BAY, Wis. (WBAY) – Warning about new scam targeting property owners. This is a type of real estate fraud that is on the rise.
Real estate agents and title companies are on high alert, and so should you.
In this Consumer First Alert, Tammy Elliott explains how scams work and what you can do now to protect yourself.
The FBI has warned that this type of real estate crime has increased by more than 500% in recent years. Scammers pretend to be owners and sell properties they don’t own.
ABC News shared a scam alert on GMA. You’ve probably seen the plot to steal Elvis Presley’s Graceland fortune.
Report: Scam alert – Scammers selling property they don’t own
Authorities are calling attention to this worrying trend of someone forging documents and notary credentials in order to steal homes and land.
A property owner in northeastern Wisconsin contacted me after receiving a disturbing number of letters offering to purchase land from all over the country.
“That’s the concern, and it’s stopping them from filing the deed that I sold the property to them when I haven’t,” she says.
“People are posing as sellers and selling these people’s properties,” said Cheryl Berken with the Brown County Register of Deeds. “Unsuspecting buyers are buying properties and building on them.”
“I would say that in the last two years, homeowner losses have doubled,” said Scott Moore of Property Fraud Alert.
According to the Brown County Register of Deeds, property fraud warnings are the first line of defense. Their website, PropertyFraudAlert.com, allows you to sign up for free and have your name monitored for fraudulent recordings that may affect your property.
This won’t prevent fraud from happening, but it can give you early warning.
“They get notified within 24 hours, which is really important because it’s a nightmare when you find out it’s going to take a year or two or more to untangle the mess,” Moore says.
“It’s important to know that real estate fraud alerts can happen quickly,” says Berken.
For more information, contact your county or the county where you own property.
Scammers often target vacant land, properties without loans or mortgages, and properties that people don’t check regularly or don’t live nearby. Also, if you are a buyer and it sounds too good to be true and the seller won’t meet you in person, ask questions.
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