Seller impersonation fraud in the real estate market occurs when scammers pose as property owners and attempt to sell properties they do not own. Vacant properties are particularly vulnerable to this type of fraud, as they are often unoccupied and unmonitored.
Seller impersonators typically identify vacant properties using public records. They may also target properties that are for sale by the owner or that have been listed for a long time. Once the scammers have identified the property, they contact a real estate agent and pose as the property owner. They often provide the agent with forged documentation, such as a fake driver's license or property title. They may also use social engineering techniques such as phishing to convince the agent that they are the legitimate owner.
The scammers often list the property at a below-market price to create a sense that it is a bargain too good to pass up. When a buyer makes an offer, the scammers quickly accept it and demand a down payment. The scammers then instruct the buyer to wire the down payment to a foreign bank account or to pay using a cryptocurrency such as Bitcoin. Once the scammers have received the down payment, they disappear, leaving the buyer with a worthless contract.
The seller is only willing to communicate via email or text message.
The seller refuses to meet in person.
The seller asks for a quick sale.
The seller offers the property at a below-market price.
The seller quickly accepts an offer without negotiating.
The seller demands a cash-only sale.
The seller asks for a down payment to be wired to a foreign bank account or paid using cryptocurrency.
If you suspect seller impersonation in a real estate transaction, you should file a report with the police and contact your bank or credit card company to see if you can dispute and retrieve the down payment. In addition, it is important to seek legal counsel as soon as possible. An experienced real estate attorney can help you to understand your rights and options and can represent you in any legal proceedings that may be necessary.
Gesmonde, Pietrosimone & Sgrignari, L.L.C. in Hamden and East Haven assists Connecticut clients with a full range of real estate concerns, including contract negotiations, closings and zoning matters. Please call 203-745-0942 or contact us online to schedule a free initial consultation.
Gesmonde, Pietrosimone & Sgrignari, L.L.C. is located in Hamden, CT and serves clients in and around North Haven, Hamden, Waterbury, Bethany, Milford, Wallingford, Prospect, Woodbridge, Northford, Madison, Beacon Falls, Branford, Cheshire, North Branford, East Haven, Naugatuck, Meriden, Ansonia and New Haven County.
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