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When a faltering economy slows down real estate tractions in Downtown and other urban neighborhoods, more scams and frauds appear, and even legit real estate pros can get into dire straits leading to unscrupulous or unlawful behavior. As the big city real estate stagnates, here are common recent scams to avoid. To avoid getting scammed by desperate real estate agents, here are suspicious agent activities to watch out for:
Failing to submit offers to home seller;
Offering to help a home buyer pay for property, then failing to come through;
Telling seller that the property is worth much less than it is, then buying the property or having friend buy it;
Reducing asking price without permission;
Telling the seller that the neighborhood is going downhill because minorities are moving in;
Telling a minority buyer they should live with their own kind;
Failing to disclose known defects and deleterious conditions;
Telling a home seller that the home is worth far more than it is, in order to get the listing;
Failing to show the property to any buyers;
Failing to get any offers on the property.
In down markets, some agents find that their commissions are no longer coming in regularly, and they cannot afford to renew their credentials. Others may get too aggressive, and get a negative record on their license such as suspensions or other disciplinary actions. Always check to ensure that the real estate pro’s license in is good standing. Check out licenses on the California Department of Real Estate status lookup website.
