Growing up, you may have been warned by parents and teachers that if you did something bad, it would end up on your "permanent record." Of course, eventually, you found out that such a record doesn't actually exist... at least not in a physical format.
Owning real estate has inherent risks. From burglary to floods and fires, your possessions or your home itself could be damaged substantially by forces outside of your control. Fortunately, we have insurance to deal with those exact circumstances.
Just like with most other areas of business, the real estate industry has been the target of many types of very creative and successful scams. While scammers are an unfortunate part of all industries where the exchange of money is involved, real estate especially has been a focus in recent years...
In 2019, the Federal Trade Commission reported that it received 3.2 million fraud reports. They stated that “ Wire transfers continue to be the most frequently reported payment method for fraud, with a reported aggregate loss of $439 million.