Real estate fraud is REAL.
Fraudsters are taking advantage of buyers and tenants with real estate fraud scams in Florida. When your deposit money is gone, you don’t get it back!
Buyers Beware real estate buyers and renters are being taken advantage of by con artist posing as for sale by owners or real estate agents. They take rent and or deposit money then disappear. Real estate fraud includes abandoned properties, vacation rentals homes, annual rentals, vacant listed homes, condominiums and vacant lots.
Sometimes real estate fraud is committed by dishonest agents.
It is sad to think that agents, mortgage lender, even title agents are sometimes involved in real estate fraud schemes.
Agents will bait and switch their own listings. They have access to all the information they need and are technically savvy. This really happens!
When electronic Supra boxes are not used, agents can give combination lockbox codes to fraudsters who pretend to be buyers. Fraudsters look for vacant homes on the internet. The agent does not accompany the buyer to the property. Agents also give combination box codes to housekeepers, handyman, even friends who commit fraud by giving the access code to others who go to a vacant home unaccompanied.
Real estate fraud is frequently committed by reposting properties at very low prices on the internet.
Buyers and tenants lose millions of dollars in real estate fraud schemes.
Professional agents use electronic lockboxes.
All REALTORS® take a pledge to protect property rights and the consumer public. The use of a secure Supra lock box not only protects the public, it also protects other real estate agents from walking into a potentially dangerous situation. The electronic lock box records who enters the property and when, every time it is opened.
How does a scammer get a real estate license?
Florida Real Estate Boards are flooded with new licensees. Background checks are not always completed before a license is issued. There are many people including international people working as real estate agents without a license in Florida. When a buyer enters into a transaction with an unlicensed person, the buyer has no recourse when there are problems with the property or transaction.
Never purchase a property site unseen!
Buyers who purchase a property site unseen may also fall victim to real estate fraud. A listing may show many photos and present the property to be in good condition. Buyers don’t realize a “little fix up” can really mean a property is a total disaster. The photos on the internet do not always paint a true picture of a property. Buyers can’t smell what a property is like from the internet photos. Buyers can’t tell if a property has Chinese drywall or mold when looking at a home on line. In a Seller’s market buyers often forego home inspections in order to compete with other buyers. Florida is a Transaction Broker State, consequently, buyers and sellers have virtually no recourse when an agent misleads the consumer.
Cash buyers only, could mean real estate fraud or a lot of defects.
Buyer Beware, when a listing says cash only.
Sellers and buyers commit real estate fraud by not disclosing to the lender there is an adverse condition affecting the property they are buying or selling. Properties with mold, termites or toxic Chinese drywall disqualify properties for financing. These problems often show up in the home inspection but are not found by the banks appraiser or disclosed by the seller or seller’s agent.
Ask the agent who they represent!
Buyer beware licensees who say they can be your buyer’s agent when their broker is a transaction broker not a “single agency” broker. Often an Accredited Buyers’ Representative will still have sellers listings. Or if the agents real estate office has a listing there is a conflict of interest between the buyer and the seller. These brokers or agents will ask the real estate buyer to let them change their status from buyers agent or buyer broker to transaction broker who can no longer give the buyer full representation.
Finding out your agent doesn’t represent you is like finding out there is no Santa Claus!
Florida Buyer Broker has a proven track record of assisting buyers with honesty, integrity, negotiating skill, loyalty and professional experience.
Other real estate agents have confidence the buyers side of the transaction will be handled professional when buyers obtain the services of Florida Buyer Broker . The sellers listing agents enter their properties in the MLS database and share their compensation with buyer agents.
Beverly Howe, Florida Buyer Broker. . . At Your Service.
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