Ann Arbor Real Estate Tip: Avoid Housing Scams!

I am both amazed and revolted by the number of con artists out there trying to take advantage of the distressed homeowners. Once these companies snag your attention, they have a variety of ways of “saving” your home. Most commonly:

• Rent-to-buy scams. They get the owner to sign over title of the home, then rent it back with the option of re-purchasing it in the future. The terms and rates of the agreement are set up so that gradually the rent is raised to the point where it is no longer affordable, the former owner is evicted, and new owner is free to sell the property.
• Phony refinancing. The owner signs documents believing they are bringing their mortgage current, instead they are signing over title to their property unknowingly.
• Fake Counselors. A company contacts owner, offers to assist with refinancing, and demands an up-front fee for services. Sometimes they request that all house payments be made directly through them during the “negotiation period” with the bank. In both scenarios, there are no attempts to contact lenders, the scammers just take the money and disappear.

There are lots of other ways that these con artists make off with your hard earned money, so be extremely leery if anyone contacts you directly.

As always, Prudential Snyder & Company Realtors are here to assist you with any of your real estate needs. We can help direct you to local reputable services if you have questions or concerns about selling your home. Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!