Real Estate Fraud Prevention & Awareness Coalition Unit
If you think that you have been cheated in buying or selling house, home loan, mortgage loan, and all things related to your house and property, you can report the case to the real estate fraud prevention unit. The unit is formed to help people that have experienced property fraud such as equity fraud securities fraud, loan fraud and many more. The fraud unit has ability and capability to inspect and investigate the criminal and the crime relate the real estate.
If you believe that you may be a victim of real estate fraud, it is encouraged to report the case by accessing the real estate fraud prevention & Awareness Coalition unit website and download the report form. The victim should fill the form according to the situation they face. The personnel from the fraud unit will give quick response to the report and investigate the documents of the related real estate.
In the real estate fraud prevention unit website, there are also many other forms that can be downloaded such as real estate fraud prosecution form, short sale fraud warning, foreclosure and loan modification advisory and many others. You can use all those forms to get the best outcomes from your fraud case.
How to Prevent Being Prey of Real Estate Frauds
Real estate scams do exist and the fraudsters behind these schemes prey mostly on beginners who do not have much experience in the world of property investments. Before you invest your money, particularly with real estate, make sure to read these tips on how prevent being a victim of a real estate investment scam.
Did you ever encounter a very enticing investment opportunity? Do you feel that it seems too good to be true? You may need to prepare yourself to do a bit of discerning. We have so many legitimate opportunities right now but there are also a ton of scams out there. How will you find the real ones from the fraud? Just before you start shelling out some cold cash from your pocket, let me give you a few tips on how to avoid real estate investment scams.
The first thing that you need to do is to fully know the person offering the investment. If the one offering the deal is an individual, is he or she someone reputable? Is there someone who can vouch for the integrity of this person? Some investors may require certain documents from the proponents of the deal. Never be afraid to demand this from someone offering you a real estate deal.
If this is a corporation, you also have to require the necessary proofs for verification. Make sure to check the track record of the company and be sure to learn more about the people behind the company. It is always best to do your research intensively before simply relying on unfounded recommendations. Continue reading
Truth About Mortgage Fraud
We always learn about mortgage fraud. But will we really comprehend it? What constitutes mortgage fraud in the first place and why must we avoid it? It is essential that we believe what it is to understand its effects in the real estate industry as well as within our economy. Learning about it will help us to avoid it as well as avoid it.
We have to understand several information about these schemes. What exactly are the most common types of fraud? Who usually participate in these schemes? They are essential to prevent and fight them.
Such fraud takes several forms. You will find those done by the borrowers while there are also those done by real estate professionals. Borrowers can take part in such scheme even without intending it. Within the the past few years, many agents have helped their clients acquired a loan that is higher than they’re designed to receive by fabricating information. Some borrowers give wrong details about their income to have a 100 % financing from the lender.
A Borrower is also responsible for such scheme as he fails to disclose essential information from the lender. A good example would be the kickback. This is the agreement between the seller and also the buyer regarding the specific amount the customer will get after purchasing the home from the seller. Another example is the undisclosed second mortgage, which usually takes place once the seller provides the buyer money to pay for for the deposit and in turn, the customer acquires a second loan to pay the vendor. Continue reading
6 Things You Must Know With Real Estate Investing
With real estate investing, it is vital you understand and are aware of how you are doing. There are several different facets that you want to be aware of in order to keep an eye on how your investing is doing. Here are six things free real estate tools can help provide you with.
1. Total leads
The first thing you must be aware of is the total amount of leads you are receiving each week. There are free real estate tools you can find on the internet to help you keep track of this information. Although it can become quite monotonous keeping track of this weekly, it is important you know this.
2. Where from?
The next thing to know is where your leads are coming from. You want to know where the leads are coming from so you can focus your marketing on that particular area. If you are aware of where your leads are coming from, you will be able to generate far more leads than you currently are.
3. Qualified prospects
You are going to deal with prospects on a daily basis. Continue reading
How Company Leaders Can Mitigate Real Estate Fraud
For leaders within the real estate industry, the topic of mitigating fraud should always be on their minds. Leadership and sustaining positive business performance begin with diligence in regards to investigating those with whom you partner. In this article we will review how information as a commodity can be a highly valued resource to real estate leaders.
While information can be viewed as a commodity, time isn’t always able to be a factored in as commoditized variable. Time has a break even point–you are either able to find a red flag early enough and follow up with an investigation, or you are too late. Being too late, by definition, would probably mean your company has become a victim of real estate fraud.
Leaders Understand the Value of Information:
Leaders know the importance of information and the role that having access to information can have on decision making. They understand the need to associate with people and organizations that are trustworthy and credible, and they focus their efforts around minimizing their company’s exposure to individuals and organizations that have a higher risk potential.
Leaders need to know about those with whom they do business sooner, rather than later. If a fraud is committed that could have been prevented, Continue reading
Four Ways to Prevent Becoming a Victim of Real Estate Fraud
The thought of being taken advantage of by a mortgage loan con artist is quite scary. While there is no way to 100% guarantee that you won’t fall victim of real estate fraud, there are several steps you can take to help prevent yourself from falling victim.
Know Who You are Dealing With
The single best way to prevent yourself from falling victim to a mortgage scam is to know the people you are working with. Ideally, you should personally interact with everyone who is involved with the process of selling or buying your home. After all, instincts can go a long way toward weeding out the bad seeds. In addition, it is far more difficult to pull off a scam when everything is done in plain sight for you to see.
In addition to meeting face-to-face with everyone in the selling or buying process, you should know more about the people you are working with. In other words, look into the backgrounds of those who are involved with the transaction so you can be reasonably certain they are reputable.
Don’t Allow Yourself to Be Rushed
Although there are times when real estate transactions are time sensitive, such as when purchasing a foreclosure or short sale property, you shouldn’t allow yourself to be rushed through a purchase. Continue reading
Protect Yourself From Real Estate Fraud
I view my tent ministry as a real estate professional as an honorable job. I am helping people who are in distress get a new piece of mind. On a broader sense, owning a piece of property is part of the American dream. Sadly, there are vultures out there that want to prey on the innocent with things that sound good but are pure trouble. I recently read an article by the Department of Real Estate of California and I thought I would share a few pointers with everyone.
(Note – this is written from a California standpoint, most pointers should be applicable anywhere in the US but check with a RE agent in your area if you have specific questions.)
Does a person who helps me with a short sale have to be licensed by the state?
Yes, any person who “negotiates loans…or perform services for borrowers or lenders…in connection with loans secured directly or collaterally by liens on real property… for or in expectation of compensation” must be licensed.
What is that in English? If a person wants to help you negotiate with a lender in regards to a property – that person must be licensed. This applies to anyone who wants to talk to your lender(s) on your behalf in regards to a loan secured by property.
Application – we are seeing ‘short sale negotiators’ as a new business. If they cannot produce a DRE license number then run. Also, once they give you a license number check it out against your state’s real estate license database. Some of these negotiators hire a broker to list the property which is a licensed professional. However, if THEY talk to your lender(s) they too must be licensed. Continue reading
Real Estate Contracts and the Statute of Frauds
Real estate attorneys must be familiar with the concept of the statute of frauds. While the concept is often not applicable in business breach of contract lawsuits, the statute of frauds is something that an attorney in real estate litigation should always consider.
What is the Statute of Frauds? California Civil Code section 1624 provides that certain types of contracts are unenforceable unless they are in writing. Included in the list of contracts are those that involve the purchase or sale of property, the leasing of property for more than a year, and brokerage contracts (to sell or to lease). A corollary called the “Equal Dignities Rules” requires that when an agent signs a contract that must be in writing, the underlying agreement giving that agent authority must also be in writing. The main purpose of the statute of frauds is to prevent fraud.
What constitutes a valid written contract? There is no hard and fast rule as to what is sufficient to constitute an enforceable contract for the sale or purchase of land. Generally, the contract must identify the parties to the contract, include a description of the property so that it can be identified, and include the basic terms of the contract so that it can be enforced (including price). California law has numerous cases dealing with different situations in which contracts were either enforced or invalidated. Some cases insist that the lack of any essential terms will render the contract unenforceable while others get around this limitation by allowing oral testimony to fill in the gaps (called ‘parol evidence’).
Does the Statute of Frauds apply to my case? The statute of frauds has so many exceptions that determining its applicability in most real estate lawsuits can be a daunting task for the best real estate lawyer (but, if there is a chance that it applies, Continue reading