Tag: lawsuits

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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.

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Market Lofts Litigation

Justin:  Where can we find out about the settled litigation at Market Lofts??

Corey:  That’s a great question, Justin.  Now that the real estate economy has shifted toward a buyer’s market, prospective loft and condo owners are being more diligent about their potential investments.  Knowing about litigation, lawsuits and loft lending issues ahead of time can save money, frustration and many hours, days or weeks of time.  Here’s an update on what we know about Market Lofts litigation.  #market #lofts #litigation

HOA involved in litigation, however conventional financing is available. We are told that there are two pending litigations that are wrapping up: Construction Defect Litigation and Parking Litigation. They are said to be almost done, but need to have the final paperwork filed at court.  Buyers may currently need to use a litigation specialist lender or loft specialist lender who has successfully completed financing for units in the building recently.  A list of loft lenders is available free from the L.A. Loft Blog.

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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with 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 buyer or seller is already under contract with another broker.