Insights and Case Studies from NYC to Hawaii
Real estate scams involve fraudulent schemes that target properties with absent owners, often leading to financial loss or property theft. Here are some case study examples and insights into these scams:
NYC Deed Theft Ring: In a case from December 2022, Marcus Wilcher was indicted for targeting run-down homes with absentee owners in Queens, New York. This case highlights how scammers focus on properties where owners are not present, making it easier to carry out fraudulent activities like deed theft and property fraud [1].
Hawaii Real Estate Fraud: The COVID-19 pandemic has seen an increase in scams related to vacant land and absentee owner properties. Criminals take advantage of the remote nature of these transactions to commit fraud. This emphasizes the importance of vigilance and due diligence when dealing with such properties [2].
Corporate Landlord Tactics: While not directly related to absentee owner scams, corporate landlords can engage in questionable practices in the real estate market. Understanding the tactics used by various players in the real estate industry is crucial for property owners [3].
FBI and OIEA Warning: Law enforcement agencies like the FBI and OIEA have issued warnings about fraudsters targeting property owners. These scams often involve individuals posing as representatives of brokerage firms, title companies, or escrow agents. Property owners should exercise caution and verify the legitimacy of individuals and transactions [4].
Preventing Home Title Theft: Home title theft is a significant concern in real estate scams. Property owners should be aware of the risk and take preventive measures to safeguard their property titles. Being proactive in protecting your property is essential in preventing such scams [5].
In summary, real estate scams are a significant concern, and property owners, especially absentee ones, should be vigilant and take preventive measures to protect their investments from fraudulent activities. Staying informed about local regulations and seeking legal advice when necessary can help mitigate the risks associated with these scams.
Sources:
- abc7ny.com – NYC deed theft ring targeted elderly residents, stole their homes in Queens, AG says
- www.hawaiibusiness.com – Prevent Fraud on Vacant Land or Absentee Owner Properties
- www.nbcnews.com – ‘Easy to bully’: A corporate landlord in Cincinnati is aggressive in trying to evict tenants, critics say
- www.sec.gov – FBI and OIEA Warn Public that Fraudsters are Targeting Owners of Timeshares in Mexico
- da.lacounty.gov – Don’t Get Scammed Out of Your Home