How to avoid falling victim to fraudsters in the homebuying process, by Danon Burnside.

from The Power Is Now Magazine | November, 2021

Thanksgiving Day

By Danon Burnside

How to avoid falling victim to fraudsters in the homebuying process

It’s the dream of most San Bernardino citizens to become homeowners. The financial sacrifices and hustle for years to make that dream a reality sometimes is all in vain and unfortunately, this turns out to be a nightmare that most usually don’t get over. This is because Real estate fraudsters are always ready to take advantage of such opportunities, to commit crimes and sow where they did not reap by conning their victims.

Homeownership has currently been prone to fraud especially due to the digitized home buying processes. As much as mobile and online transactions have been advantageous for the real estate world, they are a big part of the increased fraud cases. As per 2021 CoreLogic’s, the National Mortgage Application Fraud

Risk index increased 37.2 year over year. The county District

Attorney’s Office of San Diego like most cities in the United

States has adopted and advanced a Real Estate Fraud unit for investigations and prosecution of real estate criminals and fraudsters.

HOW TO AVOID BEING THE VICTIM OF A FRAUDSTER

ALWAYS HAVE A QUALIFIED AND LEGITIMATE REAL ESTATE AGENT

It might be tempting to prefer buying a house without a realtor to save more. This however puts the buyer at the risk of falling a victim to fraudsters. Realtors protect, act as buyer’s representatives and advocates. They, therefore, guide buyers

and this helps make them not fall into the hands of fraudsters. Also, make sure the agent is registered under the Estate Agency Affairs Board. As put across by Grahame Diedericks, Manager Principal in Midrand for Lew Geffen Sotheby’s International Realty, “Now, more than ever it’s critical to appoint well-established and accredited property professionals.”

ATTEND HOMEOWNERSHIP EDUCATION COURSES

The U.S Department of Housing and Urban Development usually offers these education courses to homeowners and home buyers. Before buying a home, it is advisable to attend the courses for homeownership advice and to be well informed about the real estate market. The HUD often increases home buyers’ awareness of the risks they may face especially for any first-time homebuyer.

MAKE SURE YOUR LOAN CONTRACT AND AGREEMENT ARE REVIEWED BY A SKILLED REAL ESTATE ATTORNEY

Before signing any home-buying document, the buyer should have it reviewed to ensure it is legal or take it to an agency approved by Housing Urban Development if at all the buyer cannot afford an attorney. This assures the buyer that the documents are legit and there is no risk of being conned. “Experienced conveyancing attorneys from a registered and recognized brand will not only safeguard you, but they are also always current on all aspects of the industry, including potential pitfalls and dangers like fraud. “Says Diedericks

NEVER SEND BANK DETAILS THROUGH EMAIL

Due to digitized mobile transactions, email hacking in real estate has become rife. A buyer should therefore not send bank details or documents through email. Alternatively, they should either call or personally take their bank details or any needed documents to the company. The buyers should always be on the lookout for suspicious red flags during the home buying process.

Worrying about being scammed should be the last thing in a home buyer’s mind but sadly, nowadays it is important to be vigilant as you go through the process of homeownership. Are you planning or ready to finally purchase your dream home? You don’t have to worry about falling on the fraudsters’ victim list. Be among the happy homeowners by simply getting contacting The Power Is Now Media Inc. This is where real estate professionals, lenders, and appraisers are ready and willing to walk with you in every step of your most essential financial decision journey. Contact Eric Lawrence Frazier MBA DRE, the CEO, and President, or Danon Burnside a VIP agent of the Power Is Now Media Inc. in San Bernardino, and become a happy homeowner.

ABOUT DANON BURNSIDE

Danon Burnside is a San Bernardino native who has been licensed since 2008. He has 12 years of retail sales experience and four years of residential property management. He got his Associate of Science degree in business administration from Argosy University in 2016. He is a city manager for San Bernardino and a member of CAR, NAR, and CVAR. Danon joined The Power Is Now Media in 2017.

ABOUT THE POWER IS NOW MEDIA INC.

The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help make your homeownership dream a reality. Go to www.neverrentagain.com and get started today.

Eric Lawrence Frazier MBA, Vice President and Mortgage Advisor of First Bank, NMLS 461807. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com