LAS VEGAS - nvtip -- Illegal real estate scams continue to be a significant problem in the real estate industry, particularly those involving the sale of illegal properties. These scams can devastate unsuspecting buyers, leading to significant financial losses and emotional distress.

With scammers constantly adapting tactics to deceive buyers, renters, and property owners, awareness about the issue has become crucial. To initiate this awareness, panelists at MoRE 2.0 Conference, scheduled on June 19-21, 2023, at Holiday Inn, Dubai Festival City in Dubai, UAE, are all set to explore the various types of scams associated with illegal real estate and provide actionable steps to safeguard against them.

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Scammers commonly purchase a property at a low price and then make cosmetic changes, such as repainting or replacing carpets. Once the property seems legit enough, it is sold at a much higher price, often to unsuspecting buyers unaware of the property's true value or the work that needs to be done.

As previously highlighted at global real estate events, homeowners in financial distress and facing foreclosure are often the target audience for real estate scammers. They offer to help homeowners by taking over their mortgage payments or buying their homes at a discount.

In reality, they unsuspectingly hand over the title to the property, and scammers collect rent from tenants without making any mortgage payments. As a result, the homeowners are left with nothing.

Quite often, unscrupulous developers sell properties that are not legally authorized for construction or sell properties with false permits or approvals. Buyers who fall for this scam may end up with a property that is not legit and cannot be legally inhabited or developed, leading to significant financial losses.

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One of the most significant impacts of illegal real estate scams on unsuspecting buyers is financial loss. Buyers may end up paying far more than the property is worth or investing in a property that is not legal. In some cases, buyers may also be subject to additional costs, to rectify the situation.

Homeowners who fall victim to illegal real estate scams and fraud may face legal consequences due to their involvement. For example, if a homeowner unknowingly purchases a property not legally authorized for sale, they may be subject to fines, penalties.

To tackle these scams along with other prevalent fraudulent trends, MoRE 2.0 Conference, amongst the most anticipated real estate and financial events in Dubai and the USA for the upcoming year, will host industry veterans and experts engaging in industry-relevant discussions to debunk prevalent challenges and advancements across various fields!