Los Angeles – Page 10

REAL ESTATE NEWS (Los Angeles, CA) — As we collectively navigate the fast-paced, ever-evolving world of real estate, it’s more crucial than ever to stay informed about potential hazards and scams. This blog post article was sparked by a recent report from the Department of Real Estate (DRE) about a rising tide of vacant land property scams. It is essential that we’re all on the same page when it comes to combating these threats.

A Rising Tide of Real Estate Fraud

In 2022, the DRE released a statewide Consumer Alert regarding identity theft and rental properties. Fast forward to the present day, and they’re now highlighting a new fraudulent trend: a growing number of perpetrators posing as owners of vacant land and contacting real estate agents, soliciting their assistance to sell a property they do not own.

Law enforcement and District Attorney offices across California are witnessing a sharp rise in real estate fraud involving identity theft and the sale of vacant land and unencumbered property. The criminals target properties free of mortgages or other liens, often owned by the elderly or foreigners, and use a variety of tactics to facilitate their fraudulent activity.

Drama Next Door: Quick-Thinking Neighbor Foils Real Estate Scam

In an alarming incident, local man Jeorge Dance almost lost his vacant lot to an elaborate real estate scam. His neighbor Maribel Munoz, a licensed realtor, noticed unusual activity on the property and discovered it was fraudulently listed for sale on Zillow. Upon Maribel’s alert, Jeorge contacted the police and the listing agent, uncovering a scam where his property was days away from being sold. The scam was orchestrated over the phone and through electronic signatures, exploiting public property information.

To better protect against such scams, property owners are advised to place their property in a trust or include multiple names on the deed. The Los Angeles County Assessor’s Office also urges owners to use its new email notification system, alerting them of any lien or deed recorded against their property within 48 hours. This dramatic near-miss underscores the importance of community awareness and protective measures in real estate, as scams continue to rise in the wake of the fraud-laden pandemic.

The Scam Blueprint

Fraudsters typically follow a pattern, identifying their targets through public records, posing as the owner, and reaching out to real estate agents to list the property. They’ll frequently request a below-market listing price to attract immediate interest and will often insist on no “For Sale” sign being posted on the property. They prefer cash buyers, rapid acceptance of offers, and quick closings. They typically refuse to meet in person, opting instead for contact via email, text, or phone, and they seldom accept video calls.

Their schemes also often include refusing to attend the signing and claiming to be out of the state or country, demanding the use of their own notary who then provides falsified documents to the title company or closing attorney, and insisting that proceeds are wired directly to them. Individually, these factors might not raise eyebrows, but when several or most are present, it’s cause for concern. Unfortunately, such fraud is usually only discovered when recording the transfer of documents with the appropriate county.

Prevention: A Shared Responsibility

Before accepting a listing, real estate agents must ensure they establish and verify the identity of a property owner. They can achieve this by requesting an in-person or virtual meeting and requiring government-issued identification. If a meeting is refused, they should employ a third-party identity verification service provider.

Additionally, agents should conduct an online search using the owner’s name, looking for a phone number and recent photo, and verifying the person’s identity. Other precautions include sending a copy of the electronically signed listing via overnight mail to the address on record for confirmation, and requiring that the property owner provides a copy of a voided check with the seller’s disbursement authorization form. Wire instructions should be double-checked to ensure they match the account details on the seller’s form.

Know What To Do

If you suspect you’ve been targeted in such a scam, or if you discover another real estate licensee potentially involved in fraud, you should report it to local law enforcement or your local District Attorney’s office. Additionally, the information should be provided to the DRE through its Enforcement Online Complaint System. After that, notify the Loft Blog at safety@laloftblog.com

Tools at Your Disposal

As we become more vigilant, it’s important to make use of the resources available to us. These include the San Luis Obispo County District Attorney’s Office, the California Association of Realtors, the American Land Title Association, and the State of Oregon Real Estate Agency, which all provide comprehensive information and updates on real estate fraud.

Stay Safe in the Real Estate Game

Vigilance is crucial in the world of real estate. Whether you’re a buyer, seller, renter, landlord, or investor, it’s crucial to be aware of these potential scams. Trust your instincts and if something feels off, it likely is. Keep communication transparent, engage professionals when necessary, and use all tools at your disposal to ensure your real estate transactions are legitimate and secure.

Our collective efforts can go a long way towards mitigating and eliminating real estate fraud, making the industry safer for everyone involved. As always, stay informed, be vigilant, and don’t hesitate to seek professional advice when needed. The world of real estate is vast and complex, but together, we can navigate it safely and successfully.

Know who and what you are dealing with. Request a free report on any building, property or person. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/sv84d021197237/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

REAL ESTATE NEWS — Los Angeles, a sprawling Southern California city and the center of the nation’s film and television industry, is a dream destination for many. However, securing a desirable living space – be it a loft, condo, apartment, or house – satisfying apartment requirements can be a daunting task. This blog post is here to guide you through the process, with best results on average or higher-end rentals ($2500/month or more). We will also touch on options for those with unique situations such as lower credit scores, pets, or unproven income.

To successfully rent a property in Los Angeles, several basic requirements typically need to be met:

Good Credit Score: Most landlords will require a credit check as part of the rental application process. A credit score of 700 or above is often desired for rentals. Also, there are more units to choose from above $2500/month, which is about the average rent for Downtown Los Angeles. This demonstrates to landlords that you have a strong history of making payments on time and are likely to pay your rent promptly.
Steady Income: You should ideally have a reliable, documented source of income that is at least 2.5 to 3 times the monthly rent. This requirement ensures you can comfortably afford the rental without financial strain.
Good Rental and Personal References: Landlords usually ask for references from past landlords to confirm your track record as a reliable tenant. Personal references might also be requested to validate your character.
Renter’s Insurance: While not always mandatory, renter’s insurance is highly recommended. It covers your personal belongings and can protect you from liability claims while you’re renting.

The fist steps: Request a free list of properties for lease, which includes daily new listings as soon as they come onto the market. Then request a viewing time, then apply. The owner may request additional information such as identification, proof of income, job information, credit report (varies in cost from $0 to $45), sometimes a reference of previous landlord. The renter will likely need to pay for one month of rent, plus the equivalent of one month of rent as security deposit. Some owners will require 2 months of security deposit.

Pet Policies and Fees

If you are a pet owner, you will need to find a rental that allows pets. Be aware that this might limit your options and can sometimes lead to additional fees or deposits. Make sure to check the specific pet policies of each potential rental and be upfront with landlords about your furry friends. Some landlords may reluctantly accept pets, yet prefer another applicant who has no pets.

Lower Rent Price Range, Credit Score, and Unproven Income

If you are working with a lower rent price range, have a less-than-ideal credit score, or have an unproven income source, fear not. The LA Loft Top Level Tour is designed for renters like you. This program provides access to various properties, including those which have more flexible rental requirements or are owned by landlords who are willing to work with unique situations.

The LA Loft Top Level Tour is also beneficial for those in the gig economy, freelancers, or self-employed individuals who might not have traditional income verification. The main purpose of the Top Level Tour is to provide extra help, including help with more properties for lease — even unlisted lofts that are not on the internet. The tour can really help those re-locating from out of town, as they can see virtual tour videos, apply and lease a property before arriving in Los Angeles.

To make the most of the LA Loft Top Level Tour, be prepared to provide as much information as possible to support your rental application. This could include letters of recommendation, proof of consistent payments on other bills, or a larger security deposit. It might also be helpful to have a co-signer if your credit score is particularly low.

While renting in Los Angeles can seem overwhelming, it is absolutely feasible with some preparation and understanding of the process. Whether you’re aiming for a high-end rental or navigating unique challenges, there are resources and options available. Always remember to be transparent with potential landlords about your situation, and don’t hesitate to use services like the LA Loft Top Level Tour to find your perfect LA rental.

Request free list of lofts, condos, apartments or homes with character for lease or for sale Fill out the online form:

<a href="https://laloft.wufoo.com/forms/r1ptmry50c8gjvk/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

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