THE SURGE IN TITLE FRAUD—AND HOW TO PREVENT IT

via themortgagepoint.com—Title fraud, though not new, recently gained national attention when a Missouri woman attempted to fraudulently auction Elvis Presley’s Graceland estate. She falsely claimed the property was collateral for an unpaid loan, using fake loan documents and a fabricated foreclosure notice in a Memphis newspaper. The scheme unraveled when it was discovered the loan documents contained falsified notarizations, leading a judge to halt the sale.

This incident raises an important question: if Graceland can be targeted, is any property truly safe? Likely not. Title fraud is becoming more widespread, with perpetrators growing increasingly bold. Fortunately, there are ways to detect deed fraud attempts early, but mortgage professionals need to be well-informed to protect themselves and their clients.

How It Works

Property transfer fraud, also known as deed fraud or title fraud, involves the illegal manipulation of property ownership documents to unlawfully transfer a property’s title from the legitimate owner to another party without the real owner’s consent. It’s perpetrated through various methods, including forging signatures on deed documents, creating fake deeds, or using stolen personal information to impersonate the actual property owner.

In some cases, AI and other digital tools have also been used to create convincing forgeries of documents or to automate the process of generating fake deeds and other legal documents. Additionally, the widespread availability of an individual’s personal information through online databases has made it easier for fraudsters to impersonate property owners or fabricate convincing histories.

The targets of these crimes are often properties that are free of loans and owned by…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

Inventory stayed steady this week. There are still twenty-four (24) active listings in the Miami Springs/Virginia Gardens market. Approximately 30% of the active listings are over $1,000,000! We are seeing a number of price decreases on active listings, which is good for buyers, but sold prices remain strong for sellers. There are still serious qualified buyers looking for the right property and multiple offers still happen in some cases. Timing is everything!

We had been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for some buyers. High interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit. Properties are staying on the market for longer but some houses still quickly sell. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases. We'll see in 2025!

Mortgage interest rates are just under 7%. Rates are expected to fluctuate between 6-7% in 2025. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 55 days. Ten (10) of the active listings had a price reduction—two (2) this week! There are two (2) new pending sales this week. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no properties listed under $500,000. There are two (2) listings priced between $500,000-$600,000; five (5) listings are priced between $600,000-$700,000; two (2) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; six (6) between $1-2 million; and one (1) priced for over $2 million.

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

During the period of January 3, 2025 through January 10, 2025, there were reported 2 new listings, 2 closed sales, 2 pending sales, 2 active with contract, 1 expired listing, 1 cancelled listing, 1 temp off market, 2 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of January 10, 2025. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  [email protected]

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