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Criminals Selling Homes They Don't Own: New Alert
14 Sep
Summary
- Seller impersonation fraud attempts have doubled in the past year.
- Vacant land is the most targeted property type for scams.
- Fraudulent sales can result in claims exceeding $100,000.
Real estate scams involving criminals impersonating property owners and attempting to sell homes they do not own are on the rise. Reports from title professionals indicate a significant increase, with seller impersonation fraud attempts more than doubling in the past year. This alarming trend is further highlighted by FBI warnings of a "steady increase" in related property fraud schemes.
Criminals often target vacant land or properties without mortgages, exploiting easily accessible online property records. They may impersonate owners using stolen or fabricated credentials, even employing deepfake technology. While absentee-owned properties are frequently targeted, the scam is expanding to include primary residences, vacation homes, and rental properties.
When these fraudulent sales are successful, the financial repercussions can be severe. Some title insurance claims tied to such fraud have exceeded $100,000. Recovering the property or funds after a sale is completed can be extremely challenging, even with law enforcement intervention. Homeowners are urged to monitor property records and utilize available notification programs to protect their assets.
