It is still, and most likely always, a fact that scams will be out there in real estate – just as in other areas of life.
The basic contexts of scams still remain the same, and the recommendations to figure out if they are or not scams are basically the same as well. A great real estate resource is available here: prevent loan scams link.
A basic step-by-step guide for investigating a possible scam on your own is by contacting a:
1) Real estate professional you know or myself, two opinions are better than one and mine is FREE.
2) Real estate attorney: They traditionally give you a free ½ hour consultation. I recommend this after your interviews with an active licensed Realtor. (Definition of a Realtor below).
3) Real estate accountant that is well-versed in laws of tax liability, as well as mortgage laws.
These are the 3 main points to consider when considering a sale, whether traditional or a short sale.
The definition of Realtor is as follows: they have a designated membership with the National Association of Realtors (NAR) and their own state association (In California it’s the California Association of Realtors – CAR), in addition to having a valid Salesperson or Broker license.
It is my opinion that the best person to represent you may not be a Broker after all, because their way of doing business (or amount of business they do) may not be what is best for the client that is choosing due to circumstances of sale, experience, and amount of successful business closed in related situations. There are new ways to make even more money for a seller that most agents do not know about.
Then for buyers, the full-time experienced agents who work mostly with buyers are better to look for, however they are not necessarily the better agent to use. As with the criteria sellers should look for, a buyer will want to make sure the agent they choose is very experienced and the lender they choose has the experience to match the agent, otherwise the buyer will most likely be in for a wildly fascinating ride. Being familiar with areas is also key, including demographics relating to school rankings and crime.
These are some of the major points to look at when choosing an agent.
Your comments or questions are always welcome…