Boise Real Estate Scams

By
Real Estate Agent with Jon Gosche Real Estate

Every week I read of new real estate scams.  We have our share of Boise Real Estate scams.  Short sale scams, refinance scams, foreclosure scams, false advertising, puffing credentials, etc.  But I just read one on ActiveRain that takes the cake.  It is on a members only blog and is not re-bloggable.  But I have to tell you about it at least. 

A real estate agent in another state, listed a property and shortly after started getting calls about it being for rent.  It was NOT for rent.  But apparently some third party scammer found the listing and was advertising it for rent.  A fictitious owner was offering it for rent and immediate occupancy.  Someone actually sent the scammer $1,500 to hold it for them!  This woman called the agent AFTER she had sent the fictitious owner the money and then apparently found out the home was occupied. 

Wow!  Why would anyone send anyone rent money before looking at the house and meeting the landlord?  Unbelieveable.  People need to know there are all kinds of shady things going on in the housing market.  Everywhere. 

If you are renting call a legitimate property management company.  If you are looking to buy don't fall for the foreclosure list ads.   Go to www.BoiseMeridianRealEstate.com and search for free.  Click on the bank owned property box and you can find all that are listed.  Set up a search alert so you can get the new listings when they are newly listed.

Comments (6)

Jo Olson
HOMEFRONT Realty - Kettle Falls, WA
Retired - HOMEFRONT Realty @ LAKE Roosevelt

Those scams are so scary - I so wish there was someway to stop them with huge penalties!

Feb 05, 2012 10:32 AM
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

What is that saying... a fool and their money are soon parted?

Feb 05, 2012 10:33 AM
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

These scams are common on craiglsist.  The craigslist post gets poached as a "for rent" home and this occurs.  Totally scary.  Buyers and renters beware. -Kasey

Feb 05, 2012 12:05 PM
Jon Gosche
Jon Gosche Real Estate - Boise, ID

Jo,

The penalty for the one above is JAIL!  It is fraud.  That is the penalty for a lot of this stuff that is going on but people do it anyway.

But there are also less obvious scams that even Realtors get caught up in and have gotten caught up in.  Often this is ignorance and failure to check with their Real Estate Commission to see if what they are doing is legal.

Several months ago (still occasionally), for example, "investors" contact agents and want to buy short sales.  They want to do a A to B to C flip.  They want you to write up there offer for a short sale but have wording in it that requires that they have an end buyer by closing or they don't have to close.  It ties up the property and then you continue to market at a higher price.  Often they want the agent to get no or a small commission on their purchase and get it when the end buyer purchases.   There are many variations to this.  It is unethical if not illegal.  In Idaho the real Estate commission has charged several non Realtors for practicing Real Estate without a license and they have fined and/or disciplined several agents.  That's a good thing.  It is happening less.  Thanks for the comment. 

I would like to get some other stories on this blog for people to see.  If anyone has any good scam stories let us know please!

Feb 06, 2012 04:12 AM
Anonymous
Gopal Das

Nowadays real estate scams are increasing.Scammers like to earn more money with one short effort.Unfortunately, there are still tons of similar real estate scams out there…There is an iPhone app recently released, called Scam Detector, which exposes over 500 of the most notorious scams. It is worth checking it out, if you have an iPhone. The app is also online, if interested: www.scam-detector.com. Kinda cool, actually.
   

Feb 08, 2012 04:25 AM
#5
Jon Gosche
Jon Gosche Real Estate - Boise, ID

Thanks for the tip on the ap Gopal.

Feb 08, 2012 10:42 AM

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