SCAM ALERT! Beware of fee-based services claiming to be able to lower your property taxes...

Be on the lookout for scams.  As a part of the leadership of the Sacramento Association of Realtors (I am the current Secretary/Treasurer of the Board of Directors), often other association members will come to me with questions or to alert me to things that don't look quite right.

BIG shout out to loan officer Scott Short with Mason McDuffie Mortgage who forwarded me a solicitation he received from a service claiming to be able to reduce homeowner's property tax.

The solicitation claims that, with the market potentially softening, it is time to submit an application to the County Tax Assessor for a reduction of your home's property tax assessment.

Please be aware that this is extremely misleading, and probably a predatory solicitation for a fee-based service that will be a fruitless attempt at property tax reduction.

For one, property tax assessment for the current tax year, which is the state’s fiscal year that runs from July 1, 2019 June 30, 2020 is based on the value of the property as of January 1, 2019. There will be no justifiable reason to expect that an appeal can be filed based on any current market activity for the value as of January 1, 2019.

Additionally, the values for the upcoming fiscal year that begins on July 1, 2020 and runs until June 30, 2021 will be based on the property value as of January 1, 2020. Any current market value volatility that we may – or may not – experience as a result of our current public health situation will again provide little, if even any, basis to justify an application for a Proposition 8 decline in property tax assessment.

It should also be noted that even if a homeowner files a legitimate property tax appeal, the timeframe in which to file an application does not even start for more than three months from today. The period opens on July 2 and runs to November 30.

A homeowner can request that the county assessor complete an informal review of the tax assessment FOR FREE. There is a non-refundable $30 fee to the Sacramento County Assessor to formally file an assessment appeal. And you do not need to hire a third party to do this.

I need to point out that if there is a decline in property value in Sacramento, it will take at least a few months of data to be able to determine what the impact will be to real estate values this COVID19 public health situation. As of right now, while we are seeing homes withdrawn from the market and certainly a likelihood of shrinking inventory, MANY agents are getting creative while limiting face-to-face contact and MANY homes are still going into contract with multiple offers. It is really too premature to say what the market will look like when the public health directives are lifted.

Please be on the lookout for these types of opportunists looking to take advantage of homeowners. We are definitely in a time of economic uncertainty, and like we witnessed during the last recession, scammers will prey on the most vulnerable people who are desperately seeking financial relief.

Here is a Q&A on the Sacramento County Assessor's website about Proposition 8 Decline in Value adjustment and assessment appeals. The assessor's office also has a an overview on how to reduce property taxes in other circumstances as well, and that link is here.

Scam alert -- do not pay for a copy of your grant deed after you close escrow!

One of my recently closed buyer clients texted me this week asking about some mail he received. The mail looked pretty official and claimed for $83 the service would mail the new owner a copy of the newly recorded Grant Deed. It went on to list several reasons having a copy of the deed would be important...but there is a key issue with this letter -- it is a total scam.

New owners will receive a copy of the recorded Grant Deed directly from the Sacramento County Recorders Office within a month or so of closing at no added expense. Letters like these typically come within a week or so of closing, before the deed is received in the mail.

Buyers and new homeowners -- keep in mind that once you purchase a property, that record of ownership becomes public and your information will be purchased by 3rd parties. New homeowners receive all kinds of solicitations in the mail for things like life insurance, homeowners insurance, refinancing (already!), alarm installation, and other nonsense like this.

My client commented that this offer looked "very official." It does...but thankfully they were suspicious because they read the fine print that said "this offer has not been approved, or endorsed by any government agency." I warn my clients to be on the lookout for stuff like this and let them know they can always contact me with questions. Don't be fooled!

On another note, if one of my clients ever does need a copy of their grant deed and can't find their copy, I can easily obtain a replacement copy at no expense. Or you can request a copy from the Sacramento County Recorders Office by mail and pay a small fee ($13 for the first page, $2 for each additional page).

Quoted in an article in Comstock's Magazine about the Property Assessed Clean Energy (PACE) loan program...buyer beware!

A few months ago I wrote a blog post about the potential minefield involving the Property Assessed Clean Energy (PACE) loan program. This month, Comstock's Magazine published an article about this and quoted me. The PACE program has its place, but property owners need to know that NO, it is not guaranteed that you can transfer these loans to a new owner (and what home buyer would want to pay more for a home, and assume a loan for the upgrades that increased its value?). And NO, it may not be possible to refinance your home with a PACE loan attached to it. The contractors I have spoken to about this program sell it as "free money." Nothing is free...buyer beware! Here is a link to the full article in Comstock's Magazine.

Think twice before financing home improvements using a Property Assessed Clean Energy (PACE) Loan...

A few weeks ago I listed a really cute home in the Tallac Village neighborhood. The sellers walked me through the house and showed me around. I took note of the dual pane windows, updated kitchen, central heating and air, drought tolerant landscape, composition roof, and all the other nice amenities the house had to offer. Then I asked the million dollar question: "have you financed any of these improvements?" The seller had indeed financed the new artificial grass using a Property Assessed Clean Energy (PACE) loan. Yikes. Alarm bells were ringing in my head.

She then said, "Oh, but don't worry. The PACE loan will be transferred to the new owner!"

Umm, no.

A PACE loan allows a homeowner who meets the eligibility requirements to finance energy-efficient home improvements, and make payments via the twice yearly property tax billing. Examples of the types of work that can be done to a home are solar, central heating and air, dual pane windows, lighting, a roof, low-water-flow plumbing, insulation, artificial turf, etc.

Let me just say that I have some negative thoughts about PACE loans. There is a lot of room for confusion among homeowners who use this program. This is the perfect case in point.

While in theory, a homeowner may transfer a PACE loan to a buyer, there are two big-time flaws in this concept.

First, what homeowner wants to pay the market value for a home and assume a loan for part of the improvements that made the home worth that amount of money? Nobody. That's a raw deal. Let's just assume for a minute that the $7,000 that the seller of this property financed to pay for artificial turf (yes, that's right $7,000) increased the home's value by even half that amount: $3,500. The house may have been worth $271,500, and the market value is worth maybe $275,000 now after adding the value of artificial turf. Why would a buyer pay $275,000 AND assume a $7,000 loan? No buyer in his/her right mind would do that. (And for the record, I do not think this sort of improvement actually increases a home's actual value that significantly)

Second, and where the real trouble lies, is that lenders will not place new loans on properties with existing PACE loans. Fannie Mae, Freddie Mac, and FHA all consider PACE loans to be "superior" liens. Fannie, Freddie, and FHA will not put a loan on a property and be in the "second position" to ANY loan. Including a PACE loan. PACE loans, because they are attached to a property tax bill, survive foreclosure. A regular second mortgage or Home Equity Line of Credit will not survive a foreclosure.

So while the PACE loan administrator (a company called Ygrene in Sacramento) may allow the transfer of this debt to a new owner, this is highly unlikely to happen unless you happen to sell the house to a poorly advised, all cash buyer. And that ain't happening.

So what does this mean for homeowners? It means if you have a PACE loan, it's going to have to be paid off when you sell. AND, it will have to be paid off if you refinance. Bet that wasn't made clear to you by the contractors pushing this financing for services they were trying to sell you, was it? It wasn't to my seller. And thankfully, we had this conversation early in the selling process, and they have more than enough equity to pay it off with the sale.

Let me share one other anecdote from personal experience as well. I am in the process of re-roofing my own home. My husband and I got five bids, and one of the contractors was trying to sell us on using PACE to pay for the roof and how it was like getting "free money" since we could pay for it over 10-15 years and via the property tax bill. That company's bid was THE HIGHEST, and the highest by about $7,000. Wow. A $20,000 bid, for a roof we are paying $11,000 for is insane. And I would argue that a lot of folks will overpay and not question a contractor's bid when they are financing the cost it over 10-15 years in this "free money" scam. Food for thought.

My advice? Stay away from PACE loans. Or at least be sure to read the fine print and really know what you are getting.

Ask Erin: What happens to my short sale if my loan servicing is transferred to another company??

I listed a short sale in Orangevale a few weeks ago...at the time I listed the house, the loan was serviced with Bank of America and the sellers and I were navigating our way through their "Co-Operative" short sale listing process (where we complete a few steps in advance in order to list the property with a pre-approved short sale price). Then something happened...we were notified of an upcoming "Service Transfer" and the loan would be moved from Bank of America to another lender for servicing. Huh?

This does happen from time to time. Bank of America, like many other large lending institutions, services mortgage loans for hundreds of investors. An "investor" could be Fannie Mae, Freddie Mac, a hedge fund, another bank, etc. As a part of normal loan servicing, these investors may opt to release or transfer servicing from one company to another company.  In most cases, once the servicing transfer occurs, the short sale process ends with Bank of America and the homeowner must contact the new servicer to start navigating that company's short sale process.

When I list short sale property, I generally talk about the possibility of this happening with the seller. This is not a really common occurrence mid-transaction (this has happened only 4 times out of all of the 100+ short sales I have worked on), but a servicing transfer is a risk that may occur at any time during the short sale process -- EVEN after a short sale has been approved! This is one of the reasons why it is important to move as quickly as possible to facilitate a short sale.

Generally, if your loan is going to be transferred from one servicer to another, the current servicer will send the homeowner a letter 15 days before the servicing transfer date. The lender may or may not contact the listing agent -- so short sale sellers PLEASE open your mail and keep your agent in the loop as far as what the communications say! The new loan servicer will send a introduction letter to the seller with a new loan number and payment or collection info. One thing to note -- before you send ANY payment or personal information to the new servicer, please call them to verify that your service has been transferred and the new mailing address. Some fraudsters will send bogus letters in an attempt to get you to mail them money or steal your identity! If an offer has already been accepted on your short sale, a closing has been set and an approval letter issued, the new servicer will determine if the short sale will continue. Unfortunately the new servicer may not be obligated to honor the approval.

Bank of America - Requiring New 3rd Party Authorization Form for Short Sales

The Bank of America legal department seems to be busy lately, because today I received yet another email from the BofA short sale department regarding a new 3rd Party Authorization Form that they will require starting April 14, 2012.

A 3rd Party Authorization Form is submitted by a property owner to a lender, and this document allows an "authorized 3rd party" permission to speak with the lender on the seller's behalf. As a short sale listing agent, I obtain a 3rd party authorization document from each short sale seller at the time I list a property so that the lender is allowed to discuss the details of the loan(s), the short sale, any pending foreclosure, etc.

I had created my own 3rd Party Authorization Form based on the requirements of different short sale banks, and I have never received any objections from the short sale banks when I have submitted it...my homegrown authorization form included the property address, sellers' names, the last 4 digits of their social security numbers, loan number(s), a note stating that the seller gives me authorization to speak with the short sale bank on their behalf regarding a short sale, and my complete contact information, and then the form was signed by the sellers.

BofA's new 3rd Party Authorization Form takes that a few steps further. In addition to many of the elements of my homegrown authorization letter, there is a section that requires the listing agent to provide licensing information, and sign acknowledging that he/she is a licensed as a real estate agent, will present all material facts pertaining to the circumstances of the short sale, and that the agent will comply with all applicable state and federal laws, rules and regulations governing the services provided.

Fraud prevention at its finest! Nicely done Bank of America.

One of my buyers fell victim to this SCAM! Do not let this happen to you!

Ugh. One of my buyer clients was SCAMMED for nearly a thousand dollars. Please read on, and do not let this happen to you...

About a month ago, a very nice lady called me about one of my listings in Rancho Cordova. My listing was available, and I happily arranged to show it to her. When I met her at the house, we hit it off immediately, and she was not already working with another Realtor...so she decided to work with me to find her a house. She did not think my listing was a good fit for her needs, so we made arrangements to see other properties. She had already been pre-approved for a mortgage by a loan officer with a company called MortgageClose in southern California, and she provided me with a copy of her pre-approval letter. I made contact with her loan officer to make sure I understood the terms of the loan she was approved for, and had a nice conversation with him. Things seemed to be moving foward in a typical way...

So after looking at a dozen or so homes over a couple weekends, we found the home of her dreams; a Fannie Mae Homepath bank repo in Sacramento. We made an offer immediately, and after a few days it was accepted by the bank! I called the loan officer and let him know that we made an offer that was verbally accepted and I would forward him the fully executed purchase contract with the bank asset manager signatures as soon as I received it. He said great, he was ready to go...so on a Friday afternoon I received the signed purchase contract, and I forwarded it to him immediately.

I didn't necessarily expect a reply from the loan officer that afternoon, or even over the weekend...but come Monday morning I did expect a response. Part of our purchase contract with Fannie Mae stated that the buyer's appraisal must be ordered within 7 days, and the clock was ticking on that timeframe.

So Monday around noon, I had not yet gotten a response from the loan officer. I called and left him a voicemail, and sent him another email. I called my buyer client and asked her if she heard from the loan officer directly, and she said no. Hmm...that's no good! But, perhaps he was out of the office? Most loan officers I know have a smart phone and at least check their email if they plan to be out of the office, but okie dokie.

Tuesday morning rolled around, and by about 10am I still had not heard anything from the loan officer. Again I called and left him a voicemail. I also emailed him, this time cc'ing my buyer client on the email. At the end of the business day around 5pm I had not heard from him, and I called my client and asked if she had heard anything from him -- and no she had not. I explained to her that we had timeframes in the contract we needed to meet, and if we did not get in touch with him by the next morning we needed to figure out 'Plan B' for her loan. She said she really wanted to work with this loan officer, but she understood that his unresponsiveness was a bit alarming.

On Wednesday morning, I had a home inspection for another buyer client in Natomas at 8:30am. From the home inspection I checked email on my iPhone, and there was still no response. From my phone I looked up the company website, found the company main telephone number and called it. The number was disconnected. Something was seriously wrong...if the unresponsive loan officer wasn't alarming enough, this was a HUGE red flag. I called my client immediately and told her, and she agreed it was time to find another loan officer. I went through my contacts, made a few phone calls, and referred her to a great local loan officer -- Kris Karge with Comstock Mortgage, who happened to be the first loan officer I called who answered his phone that morning. Within a couple hours, she filled out a new loan application, forwarded him all of her bank statements, and paystubs. Kris ran her credit, locked her interest rate, and ordered her appraisal right away. Wow, that was so easy!

I checked in with Kris around noon to make sure he had everything he needed...he did and her loan was now on track, but then told me something very troubling. My client had paid $995 in advance to MortgageClose to get pre-approved. My heart sank. This practice is NOT legal, even if the company claims the funds will be applied to your downpayment or closing costs. She was scammed. The ONLY fee a loan officer can collect in advance is a credit check fee (usually $20-$30). An appraisal fee (usually $350-$450) can be collected by a loan officer only after the "Truth In Lending" Disclosure has been signed and dated by the buyer, which generally happens only once a home is in contract.

I called my managing broker, and he googled "MortgageClose Reviews." They have an F with the Los Angeles Better Business Bureau. There are numerous complaints on numerous websites.
PLEASE buyers...I can not encourage you enough to work with a local, reputable loan officer. Ask your friends, family, co-workers, or your Realtor for a referral. Meet with the loan officer in person, and make sure they give you a written itemization of the costs and fees associated with the loan you are applying for. NEVER give a loan officer money in advance unless it is associated with a credit check fee. The appraisal fee should only be paid once you have a property in contract.

Most people only do a handful of real estate transactions in a lifetime and have no idea what lending practices are common, ethical, or legal. If you need a referral to a great Sacramento loan officer, feel free to contact me directly. Luckily, this little glitch did not completely derail my client's home purchase, and she is in great hands with her new loan officer. She is also taking steps report this fraud to the proper authorities, and she will hopefully get her money back...someday.

California Association of Realtors...another conference in paradise (that's Sacramento, btw)!

If you follow me on Facebook or Twitter, you will already know that this past week was a busy one! In addition to my day-to-day duties as a Realtor, I am member of the Board of Directors for the California Association of Realtors -- and this last week we had our annual mid-year conference and legislative meetings. Thankfully these mid-year meetings are always in Sacramento, which is great so I can still get a lot of work done in addition to attend the numerous committee meetings, forums, and Board of Directors sessions.

I am often asked by my clients, and even other Realtors, why my volunteer service to the Sacramento Association of Realtors and and California Association of Realtors is so important? Well, in short, there is no "California Association of Homeowners." Did you know that the local, state and national associations of Realtors work to defend consumer private property rights? Most people (heck, many Realtors for that matter) are not aware that we do this.

Did you know that in any given legislative cycle, there are well over 1,000 bills introduced that affect real estate ownership or property transfer. We are constantly working hard convince lawmakers that proposing pieces of legislation that do things like add more taxes to real estate transactions, require certain home retrofits at the point of sale, eliminate the mortgage interest tax deduction, and things of that nature are potentially harmful to property ownership and place undue burdens on homeowners, buyers and sellers...while at the same time trying to convince lawmakers that proposing pieces of legislation that do things like prohibit advanced fee loan modification contracts (aka, scams), extend forgiveness of paying income tax on "phantom income" created by short sales, give additional rights to tenants of foreclosed homes, and things of that nature are GOOD ideas. We are a "party neutral" organization...in fact we like to refer to ourselves as "the Realtor Party of California."

So, in short...through lots of meetings and much debate, we strategized the most effective ways to make that happen. I feel we accomplished a lot and have a good road map moving forward....the next round of C.A.R. meetings are in September. So, until then, happy home buying and selling!

California Department of Real Estate issues a new Consumer Alert - Don't fall victim to a loan modification scam!

Yesterday the California Department of Real Estate issued a new Consumer Alert to give homeowners tips to avoid Loan Modification and "Mortgage Relief" scams. I receive several calls per month from homeowners who feel that they are victims of these scams, and I can not offer much help except to direct them to report the scam to the Better Business Bureau, the California Department of Real Estate or their local law enforcement.

A few tips to make sure you do not fall victim to loan modification scam;

• Check the California Department of Real Estate website to see if a "Desist and Refrain Order" has been filed against a company you are considering working with.

• Don't believe promises that are too good to be true. No one can guarantee that a "mortgage relief" plan will be be successful.

• NEVER pay an upfront fee for loan modification services. Such fees are illegal in California. Advance fees for short sale services, deed-in-lieu of foreclosure and other residential mortgage foreclosure rescue services are also illegal under a new federal rule, with a very limited exception for fees paid to lawyers.

• Check with the Better Business Bureau, and verify the existence of appropriate licensing for anyone offering those services.

• Google the company name to see if you can find any red flags.

• A HUD approved counseling agency can provide loan modification or other mortgage negotiation services for free. There are many of them in Sacramento.
  

Renting a Sacramento home? How to find out if the owner is in default or facing foreclosure...

I received a call today from a very nice lady who is planning to move to the Sacramento area, and wants to rent in the Land Park area prior to purchasing a home there. She was full of questions about the neighborhood, schools, parks, shopping, etc...and then she among other things, she asked "Oh - and how do I know for sure if my potential landlord is facing foreclosure?"

In the State of California, tenants are entitled to certain rights in the event they are renting a foreclosed property (thanks to 2008's SB 1137), but who really wants to go through that? The last thing most renters want is to be evicted from a house if the seller goes into default and is foreclosed, or to be forced to show the property to prospective buyers if the seller opts for a short sale.

Well...aside from asking the property owner directly? There is a resource that I use often myself to see if a Notice of Default or Notice of Trustee Sale has been filed in Sacramento County. Luckily, the Sacramento County Clerk-Recorder's office has an online database called e-ROSI (Electronic Recorder Online System Index). e-ROSI provides on-line public access to Sacramento County's Index of Recorded Documents from 1965 to current. Unfortunately, you will not be able to see the actual recorded document online, but you will be able to identify the existence of certain documents, and can always obtain more information by visiting the Sacramento County Clerk-Recorder's office downtown at 600 8th Street.

You will need the name of the property owner, and the year of the filing (for example, John Smith, and 2009 or 2010). The e-ROSI website is located at http://erosi.saccounty.net/. Of course this resource is not completely fool-proof...it is possible that a property owner can be delinquent (past due) with the mortgage payments without a recorded NOD or NOTS, though one may be filed in the near future.

Lenders must use a new Good Faith Estimate (GFE) Form starting January 1, 2010

I got a sneak preview this week at the new "Good Faith Estimate" that lenders will now be required to provide to consumers who are shopping for a mortgage loan. Starting January 1, the US Housing and Urban Development (HUD) will require lenders to use this new standard form.

What is a Good Faith Estimate? A "GFE" is an itemization of all of the costs associated with obtaining a mortgage loan. It breaks out different costs, like loan origination, appraisal fees, estimated taxes, and prominently displays the estimated interest rate, length of the loan, etc. It also shows the "fully loaded" estimated monthly payment (fully loaded = total monthly payment amount of loan principle, interest, taxes and insurance). You can get GFE from multiple lenders and compare them side-by-side.

The current GFE is one page and resembles a spreadsheet...if you have never looked at one, they can be a little cryptic to decipher. I often help my buyer clients understand what they are looking at as they shop for a loan.

Most of this new 3-page GFE document is written in plain english, and really describes what the items are, which is really nice. There are specific sections with checkboxes that are not noted on the current GFE - like for example if the loan has a "pre-payment penalty" or a "balloon payment." I think it will be very difficult for dishonest lenders to fudge different fees and terms on the new form.

The one short-coming I think the new GFE has (that I am sure will be addressed by HUD with a revision or Addendum soon) is that no where does it explain or show the "fully loaded" payment. It only shows the principle and interest monthly payment amount (and does not factor in the full payment with the monthly allocation of property taxes and insurance)...which is only part of the true picture.

Overall I give HUD a thumbs up with regard to this new GFE...but PLEASE - HUD make that revision so the full PITI payment is clearly defined on the form!

Loan Modification Scams - Don't fall for these!

I got a call from a very nice lady this afternoon who lives a few doors down from one of my short sale listings. She wanted to know if the house was pending sale or was sold, and for how much, so she could get an idea of what her house is worth.

Since the sale was not yet complete, I could not provide her with all of those details. I asked her if she herself was thinking about selling, and she explained that she had just lost her job and was unable to afford her mortgage payment...but mentioned she had planned to pay $1,900 to a loan modification company in Southern CA that promised to get her mortgage company to reduce her principle loan balance to the current lower market value - hence her call to me to inquire about the selling price of my listing as a reference point.

RED FLAG!!

Alarm bells went off in my head. I grabbed my laptop, which coincidentally always seems pretty close by, and pulled up the CA Department of Real Estate website. I asked the lady the name of the company, and cross referenced the list of "Desist and Refrain Orders and/or Accusations for Fraudulent Loan Modification Activities." Sure enough, the company she had planned to work with was on the list. OH GAWD!!

I immediately explained to her why hiring this company was a bad idea. While there are some legitimate profit-based loan modification companies out there, many companies that promise to modify your mortgage loan will take the up-front fee and RUN. That's right - they will deposit that check, or even worse, run your credit card, and you may never hear from them again. DO NOT LET THIS HAPPEN TO YOU!

Did you know that the Home Loan Counseling Center of Sacramento offers free Foreclosure Prevention Counseling??? Did you know they offer counseling in English, Spanish, and Russian? At the HLCC, you can meet with a certified Foreclosure Prevention Counselor who can explain options available to you, help you develop a household spending plan and negotiate a modification with your lender on your behalf. Services are free and confidential.

If you are attempting a loan modification and need help - please, try the HLCC first! If you are not successful in your loan modification and want to do a short sale, then call me and I can assist you there...

Sacramento Homeowners Beware of Property Tax Reassessment Service Scams!

This morning I attended the Sacramento Association of Realtors Downtown regional meeting, and heard from other agents about a "Property Tax Reassessment Service" scam.

If you receive something in the mail that looks official regarding a fee-based service that promises to lower your Sacramento County property tax assessment - please be aware that this is NOT legit! Do not provide any credit card numbers or private information, or if you have mailed one of these companies a check - cancel it asap!!

The only time period in which you can apply to have your Sacramento County property taxes reassessed starts in the middle of the year and goes through the end of November, and you can submit the request for free yourself!

Recognizing Scams...

The Sacramento Housing and Redevelopment Agency has published a piece on "How to Recognize a Foreclosure Scam." It is a quick but good read...

Is this a short sale scam?

One of my clients called me today to inquire about a new listing that just popped up on the market in Carmichael. When I pulled up the data on MLS, I was a bit alarmed at what I found.

In the "Agent Only" remarks section, there was a note that read "Closing is subject to seller obtaining title." Huh? There was an attachment to the listing that then explained that the "seller" is a for-profit corporation that the actual owner has given a power of attorney to sell the house. It is listed as a short sale and subject to the bank's approval of the owner's short sale to the seller...the seller then is selling for a profit via a simultaneous escrow. The house is listed by a small, Sacramento area independent brokerage that I have never heard of.

My thought is that this sort of transaction walks a very fine line - both legally and ethically. There was legislation passed several years ago called "The Home Equity Sales Act" that protects distressed sellers. Click here to read about the Home Equity Sales Act.

All I can say is that I will not touch a transaction like with with a 10-foot pole! Luckily my client thought that was a good idea too.

Fraud Alert!!

A Realtor colleague of mine at Lyon Real Estate was the victim of a new type of identity theft that ya'll should be aware of.

Basically someone created an email address using her name, and advertised a fake, underpriced rental property. The person wanted first month's rent plus a deposit sent to her in exchange for keys to the rental property, which she claimed she would send to them once she received the money. Renters beware!

Here is a link to her story.

For those of you who like late night TV Infomercials...

For those of you who ever watch the late night TV Infomercials that advertise how to get rich quick by purchasing homes for no money down blah blah blah - this website is a good read!

FYI I have said it before and I will say it again...most of the secret techniques the infomercials tout are fraudulent.

Link:
http://www.johntreed.com/Reedgururating.html