Real Estate Investor Alert: Rental Scams
Jul 20th, 2009 by admin
I know that some of these scams are going on in our area and across the country. One of my investor clients was approached with one of the ‘cash back’ scenarios below when he was given a years rent up front in the form of a cashiers check. Fortunately, he suspected something was up and found that the cashiers check was a fake.
Now, don’t misunderstand me, I do recommend getting the first months rent and the deposit in the form of certified funds. Just make sure they are REAL certified funds (Cashiers Check or money order) and confirm they are legitimate.
Current Rental Scams
1. Be aware of renters that only give you their email address, someone that really wants to rent your property will provide you with the needed information. If in doubt call them before you respond, remember once you respond they have your email address!
2. Avoid renters with a long story about renting your property this is usually a setup for a scam.
3. Watch out for renters who pay with cashiers checks or US postal money orders and then ask for a refund or cash back. Most of the time the cashiers check or Money Orders are not good and you’re out the money. NEVER WIRE MONEY VIA WESTERN UNION, MONEYGRAM also FAKE CASHIER CHECKS & MONEY ORDERS ARE COMMON, and banks will hold you responsible, even if a fake is discovered weeks later.
4. NEVER GIVE OUT FINANCIAL INFORMATION (bank account number, social security number PayPal info, etc.)
Troy Deierling, RDCPro, ABRM, Realtor
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com
“Bringing you Home to Williamsburg”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
