After entering his listing, we noticed there was a second listing for his identical property.
At first, we thought perhaps the Seller had placed a "for sale by owner" ad and was not sharing that information with the REALTOR.
However, upon confirming this with a frightened and angry seller, we discovered it to be fraudulent and law enforcement was called.
Someone designed an ad with his or her own phone number.
We called the number and it was now disconnected, placed under a phony real estate company name.
The kicker, this home was listed for $400,000 and the offer to rent was $800.
00 a month.
Now the majority of us would say that if it looks too good to be true it probably is! Some of us could clearly see red flags everywhere.
Without victims, scammers could not thrive so we have to be mindful.
What can you do to protect yourself against being a victim? Well, again if it looks implausible, research.
I would research either way before I plunked down dollars.
I would want to know who owns the home, and there is a plethora of websites, which provide free information in this regard.
You have the right to ask the owner to provide identification before you hand over money and sign a lease.
It is a good idea to hire a REALTOR.
They can research a home and ask the necessary questions and speak for you in putting together a lease to weed out the scammers.
Check to see if the Real Estate Company and agent exist before you put up money.
Furthermore, reference the listing on a MLS system or call a real estate company to see if the same home is listed with another company or if on the MLS with any company.
In the case of assisting my REALTOR friend, we found that neither the agent nor the company existed, and we are sure the number was operable for a day or so, just long enough to pull off the scam and get easy money.
It is never wise to wire money to an account, or deal with someone out of the country.
Once you wire, there is no recourse, you just sent your cash.
If you are unable to see a home for any reason, do not put up money.
It never hurts to ask the neighbors if they know the owner, have they noticed the home being for rent for a day or so.
Simply by asking a few questions, you may run into a wonderful nosey neighbor who is willing to share additional information on the owner and their whereabouts.
Ask that the property owner provide a letter that says they are in good standing with their mortgage company, which serves two (2) purposes; it shows the home is not in foreclosure status, and payments are up to date.
Secondly, the only person able to obtain this information is the owner with their account and social security number.
The owner or Selling agent should not put up any objections in providing this for your reassurance, and I have not yet had a problem obtaining ID for my clientele.
Make sure this letter is up to date and current.
Two to three months back dated is not acceptable.
It only takes three months to become behind in payments, for an account to become delinquent, and for the home to go into foreclosure status.
So pay attention to the date.
Optimally, you want a letter dated before you sign a lease and place down any monies.
If you are using a rental agency, do some checking.
If you feel pressured and everything must happen extremely fast, be cautious! Just because someone has keys or can gain entry to a lockbox does not mean they are agents.
Scammers can easily have locks changed or setup with a lockbox for the purpose of defrauding you.
Staging and curb appeal in this case takes on a completely new meaning, for the scam artist and the trappings could cost you! Beware, be cautious and ask many questions, do your homework to avoid being a victim.
It is just as easy with your own "due diligence" not to become one! Good Luck! reposted from moveinmichigan.
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