{"id":22599,"date":"2023-08-23T14:10:38","date_gmt":"2023-08-23T14:10:38","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=22599"},"modified":"2023-08-23T14:10:39","modified_gmt":"2023-08-23T14:10:39","slug":"know-when-that-phone-call-is-a-real-estate-scam","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/know-when-that-phone-call-is-a-real-estate-scam\/","title":{"rendered":"Know When That Phone Call Is a Real Estate Scam"},"content":{"rendered":"\n

Bad actors are taking advantage of surging demand for remodeling projects and home warranties to dupe consumers. Share these warning signs with your clients.<\/p>\n\n\n\n

Housing-related phone scams surged by more than 300% in May, according to telecommunications technology provider First Orion\u2019s 2022 Mid-Year Phone Scam Report(link is external)<\/a>. Scammers increasingly are trying to dupe consumers on home-related items, including remodeling projects and home warranties.<\/p>\n\n\n\n

Home warranty scams targeting seniors are skyrocketing, the report shows. Such schemes typically provide a callback number that captures the personal information of those who respond. First Orion estimates that U.S. mobile subscribers received more than 100 billion scam phone calls during the first six months of 2022. That resulted in financial losses of up to $40 billion.<\/p>\n\n\n\n

Overall, the most common and emerging phone scams across industries involved vehicle warranties, health care, Social Security, life insurance, financial assistance and home warranties, the First Orion report finds. Kent Welch, First Orion\u2019s chief data officer, recently spoke with REALTOR\u00ae Magazine about the growth in home-related scams and what consumers need to watch out for.<\/p>\n\n\n\n

Q: What\u2019s behind the big jump in the number of housing-related scams lately?<\/h4>\n\n\n\n

A: Scams are a big business, and we see scammers alter their tactics and their ploys to fit the season or the current events. We often notice seasonal trends; for example, tax scams soar during the first-quarter tax preparation season. Scammers also tend to take advantage of consumers\u2019 needs, which can be tied to current events or pending legislation around themes such as student loan forgiveness.<\/p>\n\n\n\n

It\u2019s been a seller\u2019s market lately in housing. During the pandemic, record numbers of consumers quit their jobs or retired early, opting to downsize or sell to take advantage of inflated pricing associated with the recent demand for homes. Likewise, consumers working from home have fueled an increase in demand for homes outside the typically strong job markets. Also, remodeling projects and home enhancements are in demand.<\/p>\n\n\n\n

Interest rates are also going up, which can spark a rush on the housing market from buyers who are anxious to lock in rates or renters who want to move but can\u2019t commit to a long-term loan.<\/p>\n\n\n\n

What housing-related scams are you noticing increasing the most?<\/h4>\n\n\n\n

In June, housing-related scams were still growing, but by more like 90%, as opposed to the more than 300% growth in May. Here are some examples from more recent phone call scams:<\/p>\n\n\n\n