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Thursday, October 29, 2009

Real Estate Scam Involving Foreclosures, Short Sales & Vacant Homes For Sale

Here's a recent "Scam Alert"sent out by ARMLS®.  Realtors® and anybody who owns a vacant home should beware:

SCAM ALERT: Check Your Vacant Listings
 
A recent scam reported to ARMLS® involves tenants moving into a pending short sale listing. The surprised listing agent contacted the owner who had not rented the property to anyone. The tenants (two women with two children) were physically moving in and had turned on utilities in their name. The sign and the lock box were removed, and all locks were re-keyed. 

The tenants responded to a For Rent sign in the yard. They gave someone $1,800 as rent and signed a lease. While the short sale was able to close, the unfortunate victims of this scam were out $1,800 with no place to live.
 
This down economy encourages some people to take advantage of others.  Listing agents should check their vacant listings regularly and provide neighbors their contact information in case they observe any suspicious activity.

So sellers - keep an eye on your vacant homes and/or ask your neighbors to watch for suspicious activity.  Realtors® - check your vacant listings.  And renters - verify the owner/history of the property you're renting, and check out your potential landlord!

Written By: Shannon Hubbard Realtor®-Investor Great American Realty, Inc. Cell: (480) 695-6672 Email me

Posted by Shannon Hubbard, AZ Realtor & Computer Guru on October 29, 2009 | Permalink

Comments

This has happened in a lot of towns, and it is very sad.

Posted by: Leesburg VA Homes for Sale | Oct 31, 2009 6:08:10 PM

Yes it would... the post is really informative...I am glad to post my views and points in this blog...Thanks

Deirdre G

Posted by: properties philippines | Nov 12, 2009 3:07:51 AM

I read in one place, a person from church started renting out vacant homes in Atlanta that were for sale!

Posted by: Manassas VA Homes | Nov 19, 2009 11:23:43 AM

Sheez People will try anything for a few buck! I feel sorry for that poor woman and her children. Just pisses me off really! I wonder exactly when this will start happening here in the Bay Area (Cali). I have an associate that bought a rental in Gilbert. I will have to send her here to read your blog. It will be informative for her.

Posted by: Michael Roberts | Jan 21, 2010 10:04:28 PM

Wow, that is just sad. Thank you for the info and I will make sure to pass the info on.

Posted by: Jolie Molino | Jan 23, 2010 9:07:11 PM

I have actually seen some for rent signs in front of pending short sale listings. Now we know why! Good info to pass along to our clients that move out before the short sale is complete.

Posted by: Arizona Short Sale Realtor | Feb 15, 2010 8:29:01 AM

It always amazes me how so much effort can be spent doing illegal things since this same energy could be focused towards creating something that society as a whole can actually benefit from.

Posted by: Mark Worthington | Mar 3, 2010 10:24:38 AM

This is just heartbreaking. I simply cannot wrap my mind around what is going on here in Arizona with the housing market and this is just one more thing.
Shameful.
Please feel free to discuss topics like this one at www.helpingaz.com. I'm a member of the forum and it's a great place to spout off and discuss this stuff.

Posted by: George Smith | Apr 5, 2010 1:58:28 PM

Great article! And as a landlord and Realtor this is definitely happening.

Posted by: David Thompson | Apr 23, 2010 1:08:01 PM

In these times, people should be very careful about who they make deals with. A lot of people are out to take advantage of people who don't know any better, especially during these hard times.

Posted by: investment Hanoi | Apr 27, 2010 11:46:10 PM

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