These days, real estate investment is more popular than ever. Real estate investments have proven lucrative for millions of Americans, and even in the aftermath of the Great Recession, many Americans are exploring such investments as a means of funding retirement or simply making money.
However, because of this popularity, real estate investment fraud is more popular than ever. Many people have been victimized by fradulent investments. Here are four signs that your real estate investment might well be a fraud:
- Unrealistic, guaranteed returns. Real estate might be a sound investment, historically, but there is nothing guaranteed about any investment. If the person running your real estate investment trust offers you a guaranteed return, that's a sign something is likely awry.
- Immediate demands for financial information. Some brokers will demand a great deal of financial information very early in the process of selling a property, all in order to hoard this information for identity theft purposes.
- When signing any deal, make sure the future of the neighborhood is taken into consideration. If you're buying a thriving building with productive tenants and everything seems perfect, look into how the neighborhood might be evolving. Some unethical brokers will sell a property because they know a local government will build something unattractive or unpleasant in the neighborhood, thus reducing the value of the property you're purchasing.
- Be very, very skeptical of any real estate investment “seminars.” These so-called “classes” often teach you nothing of value while charging you outrageous fees.
Sadly, real estate fraud is quite common. People have lost their life savings as a result of such fraud. Our attorneys can help if you were victimized by such fraud.
If you need an experienced attorney to help you pursue a case involving real estate fraud, please call Colling, Gilbert, Wright & Carter today, at 1-407-712-7300, for a free consultation.