Protect yourself from short sale fraud with these tips
- Your real estate agent should provide you with a current market analysis on your home, so offers should be within 10 to 15 percent of the market value. If the offer seems unusually low, err on the side of caution.
- Carefully interview any potential real estate agents and thoroughly review all offers. Be wary if the proposed buyer is an investor group or a third party retained by the buyer.
- In a short sale, your real estate agent should be the one who negotiates a fair price with your lenders. This job should never be turned over to the buyers or a representative of the buyers.
Short sales are deals in which banks agree to accept less money than what is owed on the property to get it sold and avoid foreclosure. They're also a new target for fraud. Learn how to protect yourself with these tips.