Zack Childress reviews- Watch Out for Those Real Estate Scams

Zack Childress reviews- Watch Out for Those Real Estate Scams

Real estate companies regularly receive information on real estate scams from customers who were affected by the scandals or know other people who were victims to the scam. The best tool for shielding yourself against these schemes is to be aware of the fact that they exist and one should put in much caution.

The following things have been brought to the attention of higher officials in real estate:

Scam #1:

There is a purchaser from another country and he calls you to assist him buy one or more posh homes in the area. The person says he is affluent, and he is from an affluent family. Also, he projects an image that money is not a major issue. The person conveys his plan to relocate to the vicinity because he is a surgeon at a hospital in the area. The purchaser in fact makes a visit to the area, arranges for a meeting with you, and claims that he is residing in a nearby luxury hotel. At some juncture, the purchaser heads for the home and the buyer’s relative is desperate requiring your financial help just until the buyer could be reached.

What one can do?

Be cautious that many scams include some person who appears to be desperate to purchase the property. Although you would desire to rescue the person, rely on your instincts and use some common sense. If you are emotionally thinking about the situation, one has to put forth the question, what would the broker do? Then go to the broker or a reliable associate for suggestion. They should put the situation into the proper perspective. If one suspects that buyer and his family are scammers, endeavor to document as much information as possible and report the scenario to higher authorities.

Scam #2:

There are property listings that are fraudulently posted on websites. During such an instance, customers were encouraged to send money to an account in exchange for real contract or keys.

What one can do?

You have to visit the Craigslist.com website time and again to assure that the listings are not being advertised against law by unauthorized individuals.

Assist in educating the customers on the Do’s and Don’ts if transaction over the net.

        • You have to set up a Google Alert on the addresses of the listings to watch out for the internet postings related to the properties.
        • If you find any fraudulent postings, post a complaint.
        • Coordinating with ongoing efforts by the FBI, report the fraudulent postings to the necessary websites and ask them to remove it immediately.
        • In case you find fraudulent postings on Craigslist.com, forward the property link from that site to Real comp. They will ensure that the listings are removed.

Scam #3:

A wealthy purchaser, from abroad, approaches you regarding acquiring a luxury home. The purchaser may even meet with you or a local buyer’s agent before going home. The buyer implies that he will make cash payment and they request quick closing of the deal. The purchaser may furnish copies of foreign bank statements that reveal sufficient funds for the purchase of the property. However, a proper wire transfer never occurs. But, as a matter of fact, the buyer requests to retain the keys before the closing of the deal.

What one can do?

Take the necessary steps to assure that the person is legal, follow the normal methods established by the broker, do not make exceptions to the process.

Scam #4:

The scammers make an arrangement to observe the listed properties. During the showings, they will test opening and closing windows and doors, and in fact leaving one among the entries unlocked. Then, they return to the property to rob you off the appliances.

What one can do?

Make sure that all the windows and doors are locked before you leave a showing even if it looks like a buyer has already done that. Also, have in mind that MLS subscribers should never reveal lockbox codes to any other person than MLS subscribers.

Zack Childress, real estate investor and multifaceted real estate kingpin has staged a number of seminars regarding the existing real estate scenario. One could listen to his seminars to be aware of the real estate scams.

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