How to avoid rental fraud
Apr 28, 2016 20:20:59 GMT
**GypsyGirl**, cadoodlebug, and 3 more like this
Post by perumbula on Apr 28, 2016 20:20:59 GMT
Our area recently had a story on the news of home owners who were victims of rental fraud. A vacant home they were trying to sell was "rented" out by someone who didn't have the right to rent it. The fake landlord got a poor woman to pay him $1500 to rent the house out. The home owners had to go through full eviction proceedings to get her out and the woman didn't have anywhere to go, making them both victims. It was a big deal and it got me thinking about it.
This is a growing problem all over the US, and as a Realtor, I have to think about this myself. So I wrote this post for my business Facebook page and decided to share it here. I hope it helps someone. Please share the info with anyone you know looking for a rental.
Rental fraud has been in the news lately. It's very difficult to stop because it's so easy for the criminals to use the same platforms that legitimate landlords use to advertise their properties for rent. There are real landlords using the paper, Facebook sale groups, and Craigslist to advertise. The fakers will steal photos and the address off online real estate websites and put together a fake rental listing, making them very difficult to distinguish from the real thing.
Here's a few simple things you can do to not be taken in by fraud:
1. If there is a real estate sign in the yard, call that number and ask the agent if the property is for rent.
2. Check the address on Realtor.com, Trulia, Zillow or whatever your favorite online real estate website is, to see if the home is for sale. The website will always have the listing agents name there on the page. Give that person a call and ask if the home is for rent. If the rental listing has the exact same photos as the online for sale ads, it's most likely fraudulent.
3. Call your favorite real estate agent (that's me, right?) and ask them if the home is for rent or for sale. If the home is listed in their system, they can tell you who the listing agent is. Call and ask.
4. When you talk to the potential land lord ask for a full legal name. Ask to see a photo ID if you meet them in person. Also ask if they are the home owner. If they say they own the home, check the county assessor's website and see if the name on their records is the name of the person trying to rent the home to you.
5. Double check the property for stickers or paperwork posted on doors or windows. If there's a sticker or paperwork that says something about an "asset management company," "ACM," or lists a 1-800 number to call if you see damages, it's most likely that home is in foreclosure proceedings and not available for rent.
6. If they don't want to meet you in person, run away. The fraudsters will want you to use forms of payment like Western Union, money orders, etc. that can't be traced. They may say they will mail you the keys as soon as you send them money, but your money will be gone and you still won't have a place to live.
7. If they say they are a manager for the property, get all numbers and addresses for the business you can and double check everything. Check with the BBB, call the local police non-emergency line, do a Google search, whatever you can to verify the person is legitimate. Try and get the home owner's name and double check it matches county records.
8. Talk to the neighbors. Neighbors keep track of each other and will often know what's going on with a house. They'll usually know if it's really for rent or not.
9. And finally, if it's too good to be true, it is. These fraudsters most often sucker people by advertising homes for rent well below market value. Landlords know the going rate in their area. They aren't going to give you a deal because they think you're nice. If a home is listed several hundred dollars under the going rate, either it's a fraudulent ad or there is something wrong with either the house or the landlord. Either way, you aren't getting a deal.
Do your research to protect yourself and soon you'll be moved in and loving your new rental home. If you have any questions or ideas on how people can avoid being tricked, I'd love to hear them.
This is a growing problem all over the US, and as a Realtor, I have to think about this myself. So I wrote this post for my business Facebook page and decided to share it here. I hope it helps someone. Please share the info with anyone you know looking for a rental.
Rental fraud has been in the news lately. It's very difficult to stop because it's so easy for the criminals to use the same platforms that legitimate landlords use to advertise their properties for rent. There are real landlords using the paper, Facebook sale groups, and Craigslist to advertise. The fakers will steal photos and the address off online real estate websites and put together a fake rental listing, making them very difficult to distinguish from the real thing.
Here's a few simple things you can do to not be taken in by fraud:
1. If there is a real estate sign in the yard, call that number and ask the agent if the property is for rent.
2. Check the address on Realtor.com, Trulia, Zillow or whatever your favorite online real estate website is, to see if the home is for sale. The website will always have the listing agents name there on the page. Give that person a call and ask if the home is for rent. If the rental listing has the exact same photos as the online for sale ads, it's most likely fraudulent.
3. Call your favorite real estate agent (that's me, right?) and ask them if the home is for rent or for sale. If the home is listed in their system, they can tell you who the listing agent is. Call and ask.
4. When you talk to the potential land lord ask for a full legal name. Ask to see a photo ID if you meet them in person. Also ask if they are the home owner. If they say they own the home, check the county assessor's website and see if the name on their records is the name of the person trying to rent the home to you.
5. Double check the property for stickers or paperwork posted on doors or windows. If there's a sticker or paperwork that says something about an "asset management company," "ACM," or lists a 1-800 number to call if you see damages, it's most likely that home is in foreclosure proceedings and not available for rent.
6. If they don't want to meet you in person, run away. The fraudsters will want you to use forms of payment like Western Union, money orders, etc. that can't be traced. They may say they will mail you the keys as soon as you send them money, but your money will be gone and you still won't have a place to live.
7. If they say they are a manager for the property, get all numbers and addresses for the business you can and double check everything. Check with the BBB, call the local police non-emergency line, do a Google search, whatever you can to verify the person is legitimate. Try and get the home owner's name and double check it matches county records.
8. Talk to the neighbors. Neighbors keep track of each other and will often know what's going on with a house. They'll usually know if it's really for rent or not.
9. And finally, if it's too good to be true, it is. These fraudsters most often sucker people by advertising homes for rent well below market value. Landlords know the going rate in their area. They aren't going to give you a deal because they think you're nice. If a home is listed several hundred dollars under the going rate, either it's a fraudulent ad or there is something wrong with either the house or the landlord. Either way, you aren't getting a deal.
Do your research to protect yourself and soon you'll be moved in and loving your new rental home. If you have any questions or ideas on how people can avoid being tricked, I'd love to hear them.
