Real estate scams trick you into paying for properties or rentals that don’t exist or aren’t for sale. Scammers pose as real estate agents, landlords, or sellers, offering great deals on homes or apartments. They take your deposit or payment and disappear, leaving you with nothing.
For example, you might see an online ad for a cheap apartment, pay a $500 deposit to “hold” it, but the landlord stops responding, and the apartment was never real. Seniors are targeted because they may be downsizing or looking for affordable housing.
Tips to Identify Real Estate Scams
Verify the Property: Visit the property in person or use a trusted agent. If the seller avoids showings, it’s a red flag.
Check the Agent or Landlord: Confirm they’re licensed through your state’s real estate board. Search their name online for complaints.
Be Cautious of Low Prices: If a home or rental is much cheaper than similar properties, it’s likely fake.
Use Secure Payments: Don’t send deposits via wire transfers, gift cards, or cash. Use checks or credit cards for protection.
Look for Red Flags Online: Fake listings often have poor photos, vague details, or no physical address.
Ask for Advice: Talk to a trusted family member or real estate professional before paying for any property or rental.
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San Diego seniors lost $108 million to scams in 2024