Do you think that only inexperienced real estate agents are taken in by property scammers? The rapid rise of property scams in California suggests otherwise. Even experienced agents may need to re-evaluate how they vet clients. These scams often involve vacant land, as there are far fewer federal and state laws governing sales of vacant land than sales of residential property. Out-of-the-way properties with no improvements and scant historical sales history can have very few records, so even a legitimate seller can be difficult to verify, let alone a fraudulent one.
The current real estate market is full of contradictions; high interest rates and massive housing demand don’t usually coexist, but this current market defies expectations. In challenging markets like this one, private financing and other unusual methods of purchasing property become much more common. Thus, real estate agents may find themselves in unfamiliar territory, and can more easily be caught off guard.
Fraud Alert: It’s Terrifyingly Easy to Sell Land You Don’t Own
