How to Avoid Real Estate Scams in Maryland

Real estate scams can be a significant concern for buyers and renters in Maryland. To protect yourself and your investment, it’s essential to be aware of common scams and the strategies to avoid them.

1. Research the Property and Seller

Before engaging in any real estate transaction, conduct thorough research on the property and the seller. Use reputable real estate websites to verify property listings and check the seller’s reputation. Look for reviews and testimonials to gauge their credibility.

2. Verify the Listing

Scammers often create fake listings with attractive prices. If a deal seems too good to be true, investigate further. Cross-check the property’s details against multiple real estate platforms to ensure consistency. Look for the same property on multiple listings and see if they match.

3. Avoid Upfront Payments

Be cautious if a seller or landlord requests a substantial upfront payment, such as a security deposit or application fee, before you’ve seen the property or signed a lease. Legitimate landlords typically collect deposits only after the viewing and signing of appropriate documents.

4. Meet in Person

Always strive to meet the seller or landlord in person. If possible, schedule a viewing of the property. This not only allows you to inspect the property but also gives you a chance to interact with the seller and assess their legitimacy.

5. Trust Your Instincts

If something feels off about a deal or the person you are dealing with, trust your instincts. Take your time to evaluate the situation and do not rush into making decisions. A reputable seller will understand and appreciate your diligence.

6. Use a Licensed Real Estate Agent

Consider hiring a licensed real estate agent who is knowledgeable about Maryland’s market. Agents can provide guidance, help verify information about properties, and assist you in navigating complex transactions, reducing your risk of falling for a scam.

7. Check Licensing and Credentials

Always verify that the real estate agent or broker is licensed in Maryland. The Maryland Real Estate Commission has online resources to confirm their credentials. Ensure they have a good standing with no disciplinary actions against them.

8. Be Wary of Unusual Payment Methods

Always use safe and standard payment methods for real estate transactions. Be cautious of sellers asking for payments via wire transfers, gift cards, or cash. These payment methods are often favored by scammers and can be difficult to trace.

9. Report Suspicious Activity

If you encounter suspected real estate fraud, report it to local authorities or the Maryland Office of the Attorney General. Your report can help protect others from falling victim to similar scams.

10. Educate Yourself

Stay informed about current real estate scams in Maryland. Regularly educate yourself about the red flags and common tactics used by scammers. Resources from the Maryland Real Estate Commission and local consumer protection agencies can provide valuable information.

By following these guidelines, you can significantly reduce your chances of falling victim to real estate scams in Maryland. Staying vigilant and informed is key to safeguarding your real estate investments.