I learned something very interesting from a #veteran #realestate professional yesterday. There has been a big increase in #fraud surrounding real estate transactions. To prevent your property from becoming the subject of such fraud, if you own the property outright, you can place a lien on your own property. Doing so would prevent the property from being sold out from under you is such a scheme because the lien would show up in a title search by the unsuspecting buyer. If you want to sell the property yourself, you simply remove the lien. #fraudprevention #grownostr
Discussion
How does the property get sold out from under you? This seems weird to me, I’d like to understand it.
I don’t understand the specifics of it but it has something to do with identity theft and accessing the deed. I’ve heard of it several times. I was told by a trusted source yesterday that it is on the rise. I just thought it was interesting that you can lien your own property. Seems like a very simple solution that would work in the event that you become a victim of such a scheme. Is it unlikely? Yes but its catastrophic if it does. Like a plane crash.
Thanks for the info that makes sense. Crazy world.