Smartfounds.com Review: is Smart Founds Scam or Paying? Read Before Investing!
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Smartfounds.com Review: is Smart Founds Scam or Paying? Read Before Investing!
The real estate industry is a sector that’s extremely profitable if done right. If you think about it, a house is the most expensive item that a person buys over his/her lifetime. Big money, big opportunities. However, on the same token criminals prey on the weak and use creative ways to make a lot of money by scamming victims all over the world, whether buyers, sellers or realtors.
Amongst the most notorious fraudulent practices on the market, we have already exposed and shared information about real estate investment scams, home buying scams, residential real estate tips and the Real Estate Agent Scam.
This week we caught up with a few fraud prevention experts and real estate professionals. We invited them to share new tips and expose some prevalent scams they’re aware of, which are happening now.
Here are 10 real estate scams that you need to avoid today:
1. Hackers Stealing Your Down Payment: Mortgage Closing Date
This scam is exposed on video by Jennifer Beeston from Guaranteed Rate Mortgage. Watch the video below to see the Mortgage Closing Date Payment Scam explained:
The same scam is exposed with different words by Robert Siciliano, fraud prevention expert with .
“A hacker could fool you into thinking he’s your agent and trick you into sending him money, which you’ll never get back. It’s so bad the FTC even sent an alert warning consumers that real estate agents email accounts are getting hacked.”, says Siciliano.
“Let’s say your realtor’s name is Bill Baker. Bill Baker’s e-mail account gets hacked. The hacker observes Baker’s correspondences with his clients—including you. Ahhh, the hacker sees you have an upcoming closing. The hacker, posing as Bill Baker, sends you an e-mail, complete with instructions on where to wire your closing funds. You follow these instructions. But there’s one last step: kissing your money goodbye, as it will disappear into an untraceable abyss overseas. This scam can also target your escrow agent.”
“It’s obvious that one way to prevent this is to arrange a home purchase deal where there are zero closing costs”, says Siciliano. “The scam is prevalent, perhaps having occurred thousands of times. It was just a matter of time until scammers recognized the opportunity to target real estate agents and their clients.
The lax security defences of the real estate industry haven’t helped. Unlike the entire financial industry who have encrypted communications, the real estate industry is a hodgepodge of free e-mail accounts and unprotected communications.”
In addition, Robert points out: “Realtors, who are so often on the go and in a hurry, frequently use public Wi-Fi like at coffee houses. Anyone involved in a real estate transaction can be hacked, such as lawyers”.
Recommended Read: When Your Renter Sells Your House To Someone Else
When it comes to preventing this particular scam, here are a few points that Siciliano suggests:
– Eliminate e-mail as a correspondence conduit—at least as far as information on closings and other sensitive information.
– On the other hand, you may value having “everything in writing,” and e-mail provides a permanent record. In that case, use encrypted email or some setup that requires additional login credentials to gain access to the communication.
– For money-wiring instructions, request a phone call. And make this request over the phone so that the hacker doesn’t try to pose as your Realtor over the phone.
– Any e-mailed money instructions should be confirmed by phone—with the Realtor and the bank to send the money to.
– Get verification of the transfer ASAP. If you suspect a scam, have the receiving bank freeze any withdrawal attempt of the newly deposited funds—if you’ve reached the bank in time, that is.
2. Real Estate Agents Assigning The Sales To Themselves
“I know a victim of a realtor who is scamming his buyers by taking advantage of sudden traumatic life events”, says Mariko Baerg from Bridgewell Group.
A buyer had purchased a house. Between the time it was a firm deal and the title transfer date he got in a severe car accident and could no longer work for the short term.
The realtor that was representing him had coerced the buyer into assigning the sale to the realtor himself for a discounted price because he fearfully convinced the buyer that he would have difficulties keeping his financing from the lender.
Suggested Read: Fake Owner Leasing Property
Assigning to yourself is a clear conflict of interest, the realtor did not try to market the assignment to anyone else, and the sale amount was $100,000 less than market value! He also forged the seller’s signature to convince the buyer that it was OK to assign the property.
The issue could be avoided by making sure you have a power of attorney lined up in the case that you have an accident, making your realtor show you comparables to confirm what market value is before transferring. Also, if you have a feeling there may be a conflict of interest always obtain legal counsel or receive a second opinion to determine what your options are.”, explains Berg.
Recommended Read: Buying Real Estate Leads from Realtor.com Scam
3. Arc Fault Breaker Swap Out Scam
This next fraudulent practice is exposed by Jeff Miller, co-founder of AE Home Group: “Arc fault breaker swap outs are a common scam I’ve seen in the flipping industry. Modern building code requires that electrical boxes contain arc fault breakers as opposed to traditional breakers in order to further prevent electrical fires.
While safer, these arc fault breakers can add upwards of $800 to the cost of the renovation. Following the issuance of a use and occupancy permit, some flippers will return to the home and replace these expensive arc fault breakers with the cheaper traditional breakers, adding profit to their bottom line.”, says Miller.
4. Real Estate News: Bait and Switch Scheme
Another fraudulent real estate practice is the “bait and switch” scheme, explained here by Lucas Machado, President of House Heroes: “The scam occurs when a prospective buyer offers an “above market value” price to a home seller. The seller – blown away by the high offer – excitedly signs on the dotted line.
Sadly, the unscrupulous buyer has no intention to purchase the property at this price.
Once the seller signs the contract, the seller may only sell to that buyer for a specified time (weeks to even months) for the buyer’s purported due diligence. When that time ends, the fraudster asks to extend the contract a few weeks to work out closing details. Sounding reasonable, the seller agrees to the extension blinded by the high offer.”, warns Machado.
“There are two impacts on the seller. The seller keeps paying taxes, maintenance, utilities, insurance and develops an emotional commitment to sell.
Here’s what happens in the bait and switch: the buyer comes back to the seller with an excuse as to why this price no longer works, requests a reduction to below market value, and threatens to cancel if their demand is not met. Stressed by passage of time and on-going costs, the frustrated seller agrees to the reduction.”
Machado offers a concrete example: “Our company had a scenario where we offered $185,000. The seller accepted a $220,000 offer. The “buyer” asked for extension after extension, for 12 months, and then the tired seller agreed to sale price $180,000. The victimized seller had on-going costs around $10,000 and lost approximately $20,000 by not accepting our offer a year ago.”
How can you avoid the bait and switch scheme?
a. Confirm proof of funds at time of executing the contract.
b. Do not grant unreasonable extensions or reductions.
c. Set expectations early on.
d. If extension or reduction is based on condition, request an inspector or general contractor report verifying claims.
Related Read: Rent to Own Homes Near Me Scam
5. Duplicated Listings
Leah Slaughter with OmniKey Realty warns about a scam constantly happening in the real estate business: the Duplicated Listings.
“We often see companies copy our legitimate rental listings and post on Craigslist for a much cheaper price. Unfortunately, many people fall for these fake listings and wire or overnight money to the owners of these fake listings and then cannot get access and eventually locate us and all we can do is refer them to the police.”, says Slaughter.
“When searching for a rental, do your research and make sure you are working with a reputable company or a licensed agent/broker. If a landlord says they are not local and cannot give you access to the property, that is an immediate red flag.”
6. Real Estate Lawyers: Fake Profiles
David Reiss from Brooklyn Law School warns about a new type of scam: impersonating real estate lawyers. “In this case, the scammer takes control of the proceeds of a real estate closing by impersonating one of the parties to the closing and redirecting proceeds to an account controlled by him/her. The criminal might impersonate the seller’s lawyer and instruct that the proceeds from the sale be redirected to a new account.”, says Reiss.
“All such changes should be confirmed by a phone call (to a number that you know to be valid!) to confirm that they are from the real seller.”
7. Fake Escrow Service Request
Nina Furseth, Engagement and Corporate Communications Analyst at RentHop shares her advice: “Real estate scams are likely to occur when the rental market begins to tighten around May when students and graduates begin work or school.
Regarding online rental scams, there are several big red flags to look out for such as if:
1. Western Union, Money Gram, or an “escrow service” is involved.
2. Poster is asking you to wire money before you see the apartment.
3. Price is too good to be true.
Must Read: Mortgage Modification Scam
Scammers are constantly evolving and with everything nowadays being so public, they can easily get their hands on official looking documentation such as license numbers from real estate agents, deeds, applications, and so on.
Be careful when looking for an apartment. Be smart and realistic, and if anything seems too good to be true, it probably is. More tips can be found in our study, Rental Scams and How to Avoid Them.” says Furseth.
RentHop also publishes a very interesting infographic, below:
8. Unlicensed Realtor Scam
The Unlicensed Realtor Scam affects both you and your realtor. Justin Lavelle, who is a Scams Prevention Expert and the Communications Director of BeenVerified, explains:
“In this scam, a so-called realtor sells property to a buyer. However, once a check is written for escrow, an unlicensed realtor deposits the money into their own account and not into the escrow account. Do yourself a favor and vet anyone you’re going to be working with, both your realtor and the one on the other end of the sale. A LinkedIn account doesn’t mean someone is trustworthy or a valid realtor, so do the homework. A person could have been a licensed realtor previously, but may now have an expired license.”, warns Lavelle.
9. Title Fraud
Lavelle also offers information about the title fraud: “This scam steals more than a deposit or fee, it involves identity theft. The scammers will fabricate documents to make it look like they are the property owner. Using these materials, the scammer will take out a new mortgage on the property.
With a secured loan, the false owner can take the cash and then leave the real owner with remaining payments. Prevent this by getting title insurance and safeguarding personal information. Purchasing title insurance offers financial protection from false impersonation and improperly recorded legal documents that a scammer may attempt to forge.”
10. Fake Realtor Sending You For A Viewing
One last real estate scam is brought to you by fraud prevention expert Sorin Mihailovici, producer of the Travel by Dart TV show: “Let’s say you find a property you really like. You phone the realtor who arranges to meet you there. On your way to the apartment, he calls and mentions he had a small accident and won’t be able to make it anymore. However, you shouldn’t worry much because he says the landlord will be there to show you around.
To make it up to you, the realtor promises to negotiate a lower price than what the landlord will give you. “Call me when you leave the house, don’t sign a lease right away,” he says. When you arrive at the house you find many other people interested in renting the same place.
Related Material: Copy of Deed Scam
The landlord gives you a price, but you want to negotiate a better deal. You call the realtor and work out a deal you’re happy with. Then you wait for him to confirm with the landlord. He phones you back shortly after and says the new price is okay. All you have to do is wire him the money for the first two months and you’re all set.
On moving day, you show up only to find someone else moving in. The realtor wasn’t a realtor at all; he just found the property online and reposted it with his own contact information. That’s how you called him in the first place. He sends several people at a time to generate a sense of urgency for the potential renters.”, warns Mihailovici.
Real Estate Scams: How To Report Them
Let your friends and family know about any real estate scam or questionable businesses by sharing their name in the Comments section below. You can also officially report the crooks to the Federal Trade Commission using the link below:
Other Mortgage Scams:
Watch the video below to see in action the Top 3 mortgage scams exposed:
5 Things Amateur Investors Say Too Often
Many seasoned investors can tell the difference between an amateur investor and a professional one just by talking to them. It’s the language that matters. The following are some common investing statements that you should try to avoid using, as well as some helpful alternatives that will not only make you sound more knowledgeable and wise when discussing the markets but should also help you think more like a professional investor.
Statement No. 1: My investment in Company X is a sure thing
Misconception: If a company is hot, you’ll definitely see great returns by investing in it.
Explanation: No investment is a sure thing. Any company can hide serious problems from its investors. Many big-name companies—like Enron in 2001 and WorldCom in 2002—experienced sudden falls. Even the most financially sound company with the best management can be struck by an uncontrollable disaster or a major change in the marketplace, such as a new competitor or a change in technology.
Seasoned investors can often distinguish between professional and amateur investors just by talking to them.
No investment is a sure thing and experienced investors understand this.
Sometimes the best bargains are made when stocks are tanking.
Costs like fees and commissions can add up and eat away at returns.
Sometimes passive investing, which minimizes fees, is the best approach.
Diversification is a wise strategy, as an individual’s investments are spread across different assets like stocks, bonds, metals, and energy.
Furthermore, if you buy a stock when it’s hot, it might already be overvalued, which makes it harder to get a good return. One strategy to protect yourself from the disaster of one or to companies is to diversify your investments. This is particularly important if you choose to invest in individual stocks instead of, or in addition to, already-diversified mutual funds. To further improve your returns and reduce your risk when investing in individual stocks, learn how to identify companies that may not be glamorous, but offer long-term value.
An experienced investor would say: “I’m willing to bet that my investment in Company X will do great, but to be on the safe side, I’ve only invested 5% of my savings into it.”
Statement No. 2: I would never buy stocks now because the market is doing terribly
Misconception: It’s not a good idea to invest in something that is currently declining in price.
Explanation: If the stocks you’re purchasing still have stable fundamentals, the lower prices might only reflect short-term investor fear. In this case, look at the stocks you’re interested in as if they’re on sale. Take advantage of their temporarily lower prices and buy up.
However, do your due diligence first to find out why a stock’s price is driven down. Make sure it is just market doldrums and not a serious problem. Remember that the stock market is cyclical and just because most people are panic selling doesn’t mean you should too.
An experienced investor would say: “I’m getting great deals on stocks right now since the market is tanking. I’m going to love myself for this in a few years when things have turned around and stock prices have rebounded.”
Statement No. 3: I just hired a great new broker, and I’m sure to beat the market
Misconception: Actively managed investments do better than passively managed investments.
Explanation: Actively managed portfolios tend to underperform the market for several reasons.
Here are three important ones:
1. Many online discount brokerage companies charge a fee of at least $5 per trade and that is with you doing the work yourself. If you hire a broker or advisor to do the work for you, your fees can be significantly higher and may also include advisory fees. These costs add up over time, eating into your returns.
2. There is a risk that your broker will mismanage your portfolio. Brokers can pad their own pockets by engaging in excessive trading to increase commissions or choosing investments that aren’t appropriate for your goals just to receive a company incentive or bonus.
Investors should pay attention to the fiduciary rule introduced by the Department of Labor, which requires advisors to disclose commissions and eliminate any possible conflicts of interest.
3. The odds are slim that you can find a broker who can actually beat the market consistently. In other words, you might want to keep track of the broker or advisor’s performance over time to determine if the added costs and fees are justified.
Or, instead of hiring a broker who, because of the way the business is structured, may make decisions that aren’t in your best interests, go ahead and hire a fee-only financial planner. These planners don’t make any money off of your investment decisions; they only receive an hourly fee for their expert advice.
An experienced investor would say: “Now that I’ve hired a fee-only financial planner, my net worth will increase since I’ll have an unbiased professional helping me make sound investment decisions.”
Statement No. 4: My investments are well-diversified because I own a mutual fund that tracks the S&P 500
Misconception: Investing in many stocks makes you well-diversified.
Explanation: This isn’t a bad start, as owning shares of 500 stocks is better than owning just a few. However, to have a truly diversified portfolio, you’ll want to branch out into other asset classes like bonds, metals, energy, money market funds, international stock mutual funds, or exchange traded funds (ETF). In addition, since large-cap stocks dominate the S&P 500, you can diversify even further and potentially boost your overall returns by investing in a small-cap index fund or ETF.
An experienced investor would say: “I’ve diversified the stock component of my portfolio by buying an index fund that tracks the S&P 500, but that’s just one component of my portfolio.”
Statement No. 5: I made $1,000 in the stock market today
Misconception: You make money when your investments go up in value and you lose money when they go down.
Explanation: If your profit is only on paper, you have not gained any money. Nothing is set in stone until you actually sell. That’s yet another reason why you don’t need to worry too much about cyclical declines in the stock market because, if you hang onto your investments, there’s a very good chance that they increase in value. If you are a long-term investor, you’ll have plenty of good opportunities over the years to sell at a profit.
An experienced investor would say: “The value of my portfolio went up $1,000 today. I guess it was a good day in the market, but it doesn’t really affect me, since I’m not selling anytime soon.”
The Bottom Line
Some misconceptions are so widespread that even your smartest friends and acquaintances are likely to reference at least one of them from time to time. These people may even tell you you’re wrong if you try to correct them. Of course, in the end, the most important thing when it comes to your investments isn’t looking or sounding smart, but actually being smart. Avoid making the mistakes described in these five verbal blunders and you’ll be on the right path to higher returns.
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