Let’s face it, as a REALTOR®, your goal is to get the best deal for your sellers while ensuring a smooth and secure transaction. But sometimes, things can seem a little “off” with a property or seller. This can leave you wondering – is this a legitimate deal?
Continental Title, in partnership with the American Land Title Association (ALTA), wants to empower you with some key information. Here are a few property and seller red flags to be aware of:
Property-Related Considerations:
- Vacancy or Non-Owner Occupancy: Investment properties, vacation homes or rentals can sometimes attract unwanted attention from fraudsters.
- Mismatched Addresses: If the mailing address doesn’t match the property address, it could be a sign of potential ownership discrepancies.
- No Outstanding Mortgage: While a debt-free property might seem ideal, it can also be a target for fraudsters looking for properties with clear equity.
- Price Point Woes: A property significantly below market value could indicate financial distress or an attempt to attract a quick cash buyer (who may not be legitimate).
- Recent Quitclaim Deeds: These can be legitimate, but they’re also sometimes used in fraudulent schemes.
Seller-Related Considerations:
- Cash Only: Insisting on a cash buyer can limit the pool of legitimate offers and might be a tactic to avoid a paper trail.
- Signing From Afar: A seller who can’t (or won’t) attend the closing and claims to be out of town could be a red flag.
- Communication Woes: Difficulty reaching a seller or their insistence on text-only communication can be a sign they’re trying to hide something.
- Not in Charge? If someone other than the seller is making decisions or the point of contact keeps changing, it’s worth investigating further.
- Verification Blues: Refusal to complete identity verification or wanting to use their own notary can be a major red flag.
Remember, you’re not alone!
If you encounter any of these red flags, Continental Title is here to help. We have a team of experienced professionals who can guide you through the closing process and ensure a smooth, secure transaction for your seller and you.
Don’t hesitate to stop by one of our 17 convenient office locations or visit our website to connect with a Continental Title expert. Together, we can navigate potential pitfalls and increase the chances of a stress-free closing for everyone involved!