There are different fraud and scams on real estate that are now prevalent throughout the world. The rate in fact is embarrassingly high and people are losing millions of dollars. Though there are numerous effort to stop this, there are still so many people getting scammed each day. Most fraud takes place in the mortgage application process. It can be done using fake identification, misrepresentation of facts, fabrication of important details such as employment history or credit reports. All of these are crimes and when caugh can be penalized or even imprisoned.
To fight fraud, one must be careful when dealing with real estate. If you are planning on purchasing, then a lot of research should be done prior. There are a lot of fake agents trying to scam people for money. Make sure that when talking to agents, you ask for all information regarding the company they are working for, and check for identification. You must also ask to talk to other people they have worked with. If for some reason, they can not provide the information you need; then move on. There are so many real estate agents out there and you will land the right one with patience and research.