Three ways to protect yourself from seller impersonation fraud!

It’s now possible to buy anything online, including real estate! Some buyers start their search on popular websites like Zillow or Realtor.com, and it should come as no surprise that criminals also create bogus listings for properties they don’t own. But they’re no match for vigilant consumers who hire the right professionals and take a few basic precautions to protect themselves!

First National Title (FNT) takes your security seriously, and we’re here to do everything we can to make sure your real estate transaction is smooth and hassle-free! We’re Arkansas’ largest independent title company with 26 locations to serve you, and you’ll be able to work directly with seasoned professionals in or near your community from start to finish. Here are a few easy tips to protect yourself from seller impersonation fraud as you proceed with your offer:

Carefully review real estate listings that seem “too good to be true!” Motivated sellers are often willing to entertain any reasonable offer. But scammers who don’t own the properties can list them for any price they choose! Scammers are excellent at sounding convincing on the phone and can create attractive, professional-quality websites. However, you should always proceed with caution when a property seems drastically underpriced compared to similar listings in the area.

Confirm the seller’s identity. Aggressive investors sometimes purchase out-of-state properties sight unseen, but you should always confirm that the property exists and the seller is a real person. A reverse phone number search is the quickest way to get started; another checkpoint would be to send an introductory letter to both the property address and the mailing address for the tax bill.

Beware of last-minute changes! Banks and financial institutions still prefer using “snail mail” and will never email you asking you to change your password or to change wiring instructions to a new bank at the last minute. It’s a good idea to set up a “code word” with your lender to confirm identities before exchanging personal or financial information and to double-check with known sources before making any changes.

If you have any additional questions about seller impersonation fraud or title insurance, contact us online or at any of our 26 convenient Arkansas locations listed below!