If you need assistance, please call 914-290-5258

Hey Buddy! Wanna buy a 3 bedroom 3 bath in DC for $36K?

Friday, May 24, 2019   /   by Vanessa Saunders

Hey Buddy! Wanna buy a 3 bedroom 3 bath in DC for $36K?

Zillow_Scam_Wide.png
Who wouldn't snap up this apparent bargain, if it weren't for the fact that by now, most people know that such "bargains" are almost always scams. This one appearing on Zillow last month was. But according to Zillow, over 1,500 people clicked on the website, and 123 people saved it in its first day online.
This is an old scam, which Zillow and Trulia are actually getting better at sorting out lately. They missed this one. The "Sellers" claim to be a property management company and specify that the property is available for first-time buyers only: "no lenders, no investors, no wholesalers, no attorneys and no one that has ever owned a property." According to the Zillow listing, the sellers "own many homes across the country, and once a year they "sell one or a few to first-time buyers for under $50,000."
The fraudulent listing also states the home is occupied by tenants, and due to their lease, must have 48 hours notice before an interested buyer can see the property. But before the 48 hours notice is given to the current tenants, 20 percent of the asking price -- "hard cash" -- must be deposited into the owner's independent escrow agent's bank account within an hour-and-a-half of their initial contact with the property agent.
Guess we can see where this one's going. The request to send a cash deposit to the sellers skips the use of a title company which would traditionally hold an escrow account and be subject to many laws that protect consumers' money. A red flag for sure. The seller's process also ignores the fact that typically, buyers select the title company. 
Contact information listed only a last name and a phone number. There's no way to know how many, if any, people fell for this one. 

This is a good example of why buyers should avail themselves of the services of a licensed REALTOR® to keep them from falling for an offer that truly is too good to be true. 

  hudson valley real estate, buying a home, why work with a realtor, mortgage process, making an offer on a house, zillow

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


NY.png


NY.png

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2021 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2021 One Key, Inc. All rights reserved.

The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.
This site powered by CINC: www.cincpro.com