Don’t Get Scammed!
Don’t Get Scammed:
According to an article on the California Association of Realtors website, it seems an old scam has allegedly been resurfacing in the short-sale market again.
- Agent has listing for sale, usually a short-sale
- Property can not be shown – probably because residents supposedly won’t allow it to be shown
- Buyer makes offer and gives earnest money deposit submitted to listing broker’s escrow
- Short sales are known to take a while for approvals, therefore, it may take a while for the buyer/buyer’s broker to follow up
- During the follow up, it becomes apparent the there is no real escrow company.
- Earnest money deposit is gone!
Basically, know who you are dealing with. Make sure listing agent is legitimate. Be concerned when you can’t view the home before making an offer. Make sure you check out the escrow company before depositing any monies.
Most of all, if a deal seems to good to be true – it probably is!
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