Real Estate Saturday: February 15, 2014
by admin on Feb.15, 2014, under Real Estate
How can I scam thee? Let me count the ways…
If there is one time in your life you really need to have your wits about you it is during a real estate purchase. Whether you are a investor or a single-family, first-time purchaser, there are many ways you can lose, and lose BIG!
This week we’ll do a little research on what types of scams are currently in vogue. This does NOT include the situation where mortgage lenders lend you more than you can afford to buy a house you can’t afford. If one doesn’t have enough common sense to figure that out for themselves, no blog post can help them.
Bad deeds, fraudulent signatures, bogus rental ads requiring a “deposit,” short-sale and foreclosure scams, etc., etc.
++ Disbarred lawyer sentenced in multimillion real estate scams
++ Sheriff warns of real estate scam
++ Denver Man Sentenced in Multi-Million-Dollar Real Estate Fraud Scheme
++ Feds arrest real estate agent accused of short-sale fraud in Patterson
++ Stamford Attorney Pleads Guilty To Mortgage Fraud
I would never think of perpetrating these frauds and it would be a nasty and potentially devastating moment to find out what others will do. This is why I need to keep up-to-date with things that are happening and how they are accomplished – and this list is unfortunately just the tip of the iceberg.
The good news and sometimes the bad is the internet. Believe half of what you first read and do your own research. Check the validity of “licenses.” Look for comments from other real estate, mortgage, appraisal, title company and banking customers. Some of the fraud in the links above was perpetrated against banks and mortgage lenders. Don’t think “they deserve it.” When a bank loses money, they look for other ways to get it back – and guess who ends up fronting THAT bill?
Purchasing real estate can and should be a great achievement and a rewarding experience. Don’t let anyone take that away from you.
