Posts Tagged ‘Market Conditions’

Jan 18

Craig’s List Can Be a Haven for Scammers

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You are familiar with “buyer beware”, right? Well that term is especially important when you look for properties to buy and rent on Craig’s List.

It seems criminals have discovered how easy it is to convince someone that they can uncover “incredible” deals on the internet. The latest scam I’ve been dealing with on Craig’s List works like this. I list a new property for sale and soon afterward that home appears on Craig’s List as a “rental”. The thieves simply take my photos and home address and advertise a terrific rent.

Of course renters get excited and many rush out to “drive by” the rental. They suddenly get confused by the presence of a “for sale” sign and that’s when I get the phone calls asking about the home.

It seems that people will get so desperate to grab that great deal, that when they follow up on the ad, they will be advised that many others are interested and if they want to be the one chosen, they need to:

Supply personal info like bank statements and other financial documents.

Or:

Quickly wire a deposit amount to hold the property.

Of course you’re wondering why people would do that, but let’s face it. Who wants to see that great deal get passed up? It’s sad, but it’s important to find out factual information these days. Such as, who is the legal owner of the property? Why would an owner attempt to rent or sell a home if they are out of the area? (oh, we just moved to Europe and didn’t have time to get a renter in there…..)

Make sure you don’t get taken in by the scammers.

Feb 27

There’s a Whole Lotta Shakin’ Going On!

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Well I lost an escrow this week. I started kicking myself because I’ve had such an excellent record of closing this past year. As soon as I began talking to other agents about it, I realized I’m not the only one struggling to get buyers through the loan process.

Banks and asset management companies are going through some tremendous changes right now. Remember all those bank mergers last year? Well the big banks are just now starting to realign the banks they bought. Departments are being phased out, managers are being replaced and companies are going through the inevitable "downsizing". All of this adds up to chaos and confusion for real estate agents trying to buy and sell their properties.

Patience is the buzz word in this situation. Escrows are going to take longer. Some deals that should be slam dunks are going to crash out. I’m educating my buyers that escrows are going to be more bumpier than normal. The winners will be the buyers who have the fortitude to ride out this storm and stay the course.