Real Estate

Amidst the Real Estate & Mortgage Meltdown; Foreclosure Fraud & Scams; Real Estates Future is Great. First Time Home Buyers, FHA Loans & Seller Paid Closing Costs. Go To http://RealEstateMarketingThisWeek.com

Part 8 (Excerpt)

Rent skimming and other foreclosure scams Home Owner Beware.

And what rent skimming is, a shark as I like to call them, a shark will go out and find a vacant house, and they will go in and change the locks and maybe clean it up a little if need be but then they will rent it out to somebody. They will move that person into the house, they will get their $1,000 or $1,500 a month rent payment on the house, and 3 or 4 months down the road the repo man comes knocking on the door and says, hey you have to get out. He says this to the tenant of course and the tenant says, hey you dont own the house, and it turns out that the guy that they were paying rent from for the last 3 or 4 months didnt own the house either.

So you are talking about somebody, a shark, who goes out and finds a vacant house, breaks in, changes the locks, cleans it up, puts it up on Craigs list and rents it out and collects the money. He never owned the house, he never had any rights to the house, then all of a sudden the sheriff shows up and says you have to go. How can that be legal? Well its not legal; its not legal at all. Because the person who rented you the house knows that they dont own the house, now of course the tenant doesnt know that.

Now under Fannie Maes new guidelines, that tenant, if they are lucky enough to have Fannie Mae own that property, or own that note, you may actually get to stay in the house because Fannie Mae has some new guidelines that if they have a tenant in the house, they will re-sign a contract with them and let them stay in the house. It didnt say how long but they will let them stay in there for a while.

Wow, that is fantastic. I actually didnt know about that, so Fannie Mae is getting into the property management business. Yes, our government is now becoming a landlord as well as the entity that likes to just hand out trillions of dollars. I believe that you and I have a differing of opinion on this, Dan. I actually think that that is the right thing for Fannie Mae and Freddie Mac to do, primarily because if they sell right now they will sell at a huge loss and they have an opportunity to pick up some capitol at some point, dont you think?

Well, I dont know, it all depends on whether property values keep going up or property values keep going down. But the real issue becomes, is our government in the business of owning real estate? And we can argue about this all day long. There is no need to; there is too much other information you are going to talk about, too many other sharks out there.

What is the crime, I mean realistically, some guy goes in, breaks into the house. Sounds like its breaking and entering to me, then he is collecting monies on a vacant house and well there are a number of crimes, I have to admit I dont have the statute with me but I do know in Arizona there is a statute specifically about this very practice. And that would be Terry Goddards website? I would suspect that you could go there and find it.

But real quick here before we run out of time, there are two other quick things I wanted to talk about one just happened to a friend of mine recently where her daughter moved out of a house that she had been living in for years and she moved to another state and the house went vacant. Well, she hadnt been gone for more than a few weeks and the mother, who was going to help her work on a short sale, went over to the house one day and found that the locks were changed.

And I immediately think, Oh, Oh were dealing with a rent skimming situation here. Well it turns out the lender, who does not own the house yet, because there has not been a foreclosure sale, came by, saw the house was vacant, opened the door, changed all the locks on the house and now essentially is not really willing to give the keys to the owner. I couldnt quite figure that one out, especially when I found out that two weeks later they still had not gotten the keys from the lender.

So just be careful of that and the one thing I want, the last thing I will talk about is that a buddy of mine works repos over in California and I think its happening here a little bit, where what will happen is when you are in a foreclosure situation you will have all kinds of people knocking on your door. Some of these people want to come by and buy the stuff out of your house.

Duration : 0:7:10

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How is your town doing? Is there tons of empty commercial real estate? Is this the end of the urban sprawl? Many are losing millions from lost rentals. If the large corporations are having a hard time staying in business how is the little guy going to make it? If debt is money and there is no credit, there is no money! Please add a video of your town of commercial or residential. You pray & the churches prey! March 13, 2009

Duration : 0:2:35

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Delicious Seafood Bites Appetizer Shared and Demonstrated by Real Estate Guru Utokia Langley. Utokia is a Licensed Real Estate Agent in Maryland, Virginia and Washington, DC. She is a Wife, Working Mom and Friend who loves to cook and loves real estate. Her Mottos are: When Cooking FLAVOR comes first and in Real Estate CUSTOMER SERVICE comes first.

SEAFOOD BITES – APPETIZER
1 1/2 cup Helman’s Mayo
3/4 cup shredded parmesan cheese
3/4 cup shredded mozzarella cheese
1/2 cup green/spring onion
2 tsp Worcestershire sauce
2 cups cut up shrimp (pre cooked, peeled and deveined)
12 – 16 oz back fin crab meat
8-10 strips of cooked bacon – crumbled
Athens Mini Phyllo pre made shells (there are 15 to a box, recipe can make up to 4 boxes)

ENJOY

Duration : 0:10:22

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West Bay Commercial Office Space-Oneupweb Building. all offices have an unobstructed panoramic view of the Water-. One year lease minimum incl.all util.,snow removal, waste pick up – No CAM fees. 1600 Sq. ft. of prime waterfront on West Bay. Layout can be changed – currently configured w/2 waterfront offices & conference rrom+ lg. open area. Private bathroom,coffee area & copy/binding storage area. Oak trim w/ glass partitions between offices. Private secure entrance via stairs & elevator w/ private parking. Century 21 McCoy Real Estate Suttons Bay 231/271-2121 Cory Beuerle 231/631-7653 www.century21mccoy.com

Duration : 0:0:50

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Need to lease any office space? There is more and more available in Florida and other places around the country. If this continues many more companies will be out of business and bankrupt. I’ve heard over 150K businesses went bust last year.

Duration : 0:1:5

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If you are interested in acquiring rental property out of your county, state, or country it is important to learn how to avoid a rental property scam.

Individuals that wish to engage in this type of scam typically post an advertisement on the internet or in a newspaper that details the type of structure and property they wish to rent to an interested party. In most all cases, the rental is advertised at an unnaturally low price. This ensures the advertisement draws interest. Once a potential renter contacts the individual, they will request an upfront security deposit and will promise to send the key and legal documentation. Unfortunately, at that point, contact is lost along with the money that has been sent.

In this how-to article, you will learn the basic steps in avoiding rental property scams.

Step One:

When working to avoid rental property scams, it is important to pay special attention to structures that are being rented outside of the United States. If you are interested in renting property outside of the country, you should work directly with a certified real estate agent that can work to ensure that your investment is protected. Always verify that the agent works for an established agency.

Step Two:

Pay special attention to advertisements that are listed for rental property. You will want to avoid those that have spelling and grammar mistakes, or seem as if they have been written by someone overseas that is not fluent in English.

Step Three:

It is important to inquire about setting up an appointment to view the structure and property prior to committing to a rental agreement. If you are not able to do this yourself, have someone you trust make a personal visit to inspect the property and take pictures of both the inside and outside.

Step Four:

You should pay special attention to the instructions regarding payment. Many scammers may request that you forward them a cashier’s check or that you take the time to FEDEX the payment. It is also important to pay special attention to their level of persistence. Legitimate sellers won’t use pressure tactics to try to hurry your decision. Remember the old saying that “If it sounds too good to be true, it probably is.”

Step Five:

If you have already sent money to secure rental property, and are unable to contact the individual or company that you sent money to, or have not yet received the keys and documentation that you were told that you would receive, it is quite likely that you have been subjected to a rental property scam. At this point, you should contact the Federal Trade Commission by calling 877-FTC-HELP or by visiting their website an filing a complaint form.

To learn more about how to avoid rental property scams and other types of scams, visit the Lionheart Group blog at http://www.LionheartGroup.net.

Duration : 0:2:42

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Video taken at 249 West 1st Street, Ocean Isle Beach, NC. Rent direct from the owner at: http://beachrentalsdirect.com/249w1stBmetkiff.html

This house is also listed for sale at: http://www.pope-realestate.com/

Duration : 0:2:0

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Rapid Realty is a leading New York apartment finding service. Their headquarters is in Brooklyn New York, but they specialize in Brooklyn apartments for rent, Queens apartments for rent, Bronx apartments for rent, Manhattan apartments for rent, and all New York apartments for rent.

Duration : 0:7:39

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Liz and Sue Ewerth just finished their first Michigan Real Estate Investment deal, locked in $22,000 in profit and picked up a NON-REFUNDABLE check for $10,000!!!!

Duration : 0:8:0

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