A Note of Caution in New Jersey Real Estate

A Necessary Word of Caution

Fraud – we’ve all been touched by it in one way or another.  Our credit cards have been compromised, our bank accounts have been hacked or our identities have been hijacked by cyber thieves that seem to have limitless access to our information or someone we know has been through the nightmare.

Once in a while a word of caution is in order to provide the best service to those of you who may one day be my client.  You need to be aware of the cons, schemes and frauds circling like vultures around a real estate transaction – and you also need to know the precautions this local marketing specialist is taking to protect you, your sensitive information and your happy home purchase!

• The TRID (TILA/RESPA Integrated Disclosure Rule) regulations that are in place. Every financial document and consideration concerning a real estate transaction must be prepared and signed a minimum of three days before closing.  No last minute changes and pressure to sign something you haven’t had time to think about and fully understand
• You will never be asked for funds information or banking details over the phone or by email by any party to your transaction. Should anything like this be requested during your purchase or sale, advise us and/or the mortgage lender immediately and DO NOT GIVE OUT ANY INFORMATION

Cloud based systems make transacting a real estate exchange ever more convenient, allowing documents to be delivered in the blink of an eye rather than the time it would take to drive to the location of each party, secure signatures, make copies and give them to all interested parties.  Please know there is no inherent insecurity in using these systems to make your transaction smooth and seemless.

Scammers are simply so good at getting what they need from us by appearing to already have information we would assume they would have if they were legitimately part of our online buying and selling transactions.  Too often, we give them the last missing pieces and too late, discover we’ve been the victims of fraud.  Do not give out any personal information at all or make any financial arrangements or transfers with anyone over the phone, text or email.  Your closing and transfer of any funds will be handled in person at your closing by the escrow company.

Have any questions about the market today?  I’m here to provide the answers and service you need!  CONTACT ME by your preferred method now.