Category: scam

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Spies in California Real Estate – How to Spot and Thwart a Real Estate Spy

Spies will keep you working with tricks and lies promising big pay offs.

California real estate – how to spot a spy

This article is written from the perspective of a Los Angeles real estate agent who occasionally encounters individuals claiming to be prospective new residents — but some are actually spies. Their intention is to gather information by pretending to be a real estate buyer. They will either not sign a representation agreement, or they will haggle to change the terms. Do not change any terms for a suspected spy, often a foreign citizen from a country linked to communism, socialism, or authoritarianism such as China, Russia or North. They will make more promises, attempt to be more endearing. The spy will offer to buy you food, wine, or pay for expenses. They will often have two, sometimes three different names. They may give a smaller price point for the price of what they want, then they may raise it later or start looking in a higher price range. They will be looking over a longer period, sometimes more than six months, to gather more information. They will look at more properties, 10-30 properties, instead of the usual 7-10 properties.

Foreign Agents will use the home search process to spy on you and your business.

If you suspect a spy, real estate agents should consider the best strategies. The most successful tactic is to place strict requirements for the suspected buyer spy to sign a buyer agreement. Also, press the spy to provide proof of funds and a pre-approval letter after seeing not more than 1-2 properties.

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Copyright © This free information is provided courtesy of L.A. Loft Blog and LAcondoInfo.com with the information provided by Corey Chambers, Realty Source Inc, BRE#01889449. We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.

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Real Estate Agent Scams to Avoid

REAL ESTATE NEWS | Blog Video

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:

  1. Failing to submit offers to home seller;
  2. Offering to help a home buyer pay for property, then failing to come through;
  3. Telling seller that the property is worth much less than it is, then buying the property or having friend buy it;
  4. Reducing asking price without permission;
  5. Telling the seller that the neighborhood is going downhill because minorities are moving in;
  6. Telling a minority buyer they should live with their own kind;
  7. Failing to disclose known defects and deleterious conditions;
  8. Telling a home seller that the home is worth far more than it is, in order to get the listing;
  9. Failing to show the property to any buyers;
  10. 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.

Here are links to info on more real estate scams to look out for:

https://www.laloftblog.com/?s=scam

https://www.bobvila.com/slideshow/buyer-beware-9-real-estate-scams-to-watch-out-for-50456

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449, MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.