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OT - watch out for real estate scam artists

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Britcheflee

02-10-2008 08:57:49




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Just to give you a heads up that in todays real estate market there are people out there, as usual, who are the bottom feeders of society trying to take advantage of others.

If you have a house for sale which has been on the market for some time or you are thinking of renting out beware if you get someone come along and say they are interested in buying with a lease to own option.

We had this experience last week. A woman (who had a real estate licence no less) said she wanted to buy our house and was going to put in an offer.

The offer came in about half the price we were asking with contingency to make multiple offers on other properties and wanting to lease for 2 years before closing escrow.

These scum are going around 'fishing' hoping someone in desperation will take the offer. They then rent the place out for 2 years (probably not even living there) and are banking on the market going up- they then have you locked in at the low price and they complete escrow and sell the place on for a profit. If the market does not improve they are under no obligation to buy and can just walk away from the place and you are left holding the baby.

This probably is not illegal but it sure is unethical.

Lee

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Pete's '47

02-10-2008 11:21:43




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 Re: OT - watch out for real estate scam artists in reply to Britcheflee, 02-10-2008 08:57:49  
First off, any seller who would "lock in" at half value is stupid enough to get what they deserve. Secondly, if your scammer is locked in and walks away, they lose two years rent/ payments. Price aside, if someone wants to give me two years money and possible not even live there, I'll take it in a heartbeat. I'll give scammers credit for more brains than that.



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