5 Real Estate Scams to Avoid, by Norma Mirsky

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Information about 5 Real Estate Scams to Avoid, by Norma Mirsky

Published on September 8, 2015

Author: normamirsky

Source: slideshare.net

1. 5 Real Estate Scams to Avoid By Norma Mirsky

2. 1. The fixer-upper The scenario:! • The seller promises to knock a bit off the asking price if you sign a document to close on the place fast and forego an inspection.! • They’re trying to hide a major problem such as a faulty foundation or termite infestation. How to avoid:! • Never sign away your right for a professional inspector to look the place over.

3. 2. Foreclosure fraudster The scenario:! • You’re facing a foreclosure.! • Somebody reaches out and offers a helping hand in exchange for cash up front.! • Once they get the cash, they abscond. How to avoid:! • Turn down people like this.! • Use a free service like NeighborWorks or Operation Hope to help you.

4. 3. Long-distance landlord The scenario:! • You’ve found the perfect home online, with stunning photos and a reasonable price.! • The landlord is out of town, so they can’t show you the place, but offer it to you if you wire them money.! • You discover that there’s no home, and the “landlord” has made off with your deposit. How to avoid:! • Insist on seeing the place in-person.! • Never wire money to somebody you don’t know or trust.

5. 4. The bait & switch The scenario:! • You’ve been pre- approved for a mortgage, and are about to make an offer on the perfect home.! • The lender jacks up the rate, knowing that you’ll most likely not back out at this point. How to avoid:! • If a rate seems too good to be true, then it probably is.! • If a lender demands payment for fees before you’ve closed on a home, they’re up to something fishy.

6. 5. The foreclosure fraudster (again) The scenario:! • You’re renting a home.! • The landlord stopped paying their mortgage months ago, and the home is in foreclosure.! • You’re evicted. How to avoid:! • Check with your local tax assessor or county clerk to see if the home is in good standing before you move in.! • Stay put; you can live there for the duration of the lease.! • Try striking a deal with the lender that’s taking possession of the house.

7. The End Thanks for watching!

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