Orlando FL Real Estate Home For Sale | Torey Eisenman

What is a Lake Mary Short Sale?

Other Articles to Read: What is a Lake Mary Short Sale?

Lake Mary Short Sales- Qualifying for a Short Sale

Lake Mary Short Sale- Preparing Your Qualification Letter

What to Expect in the Lake Mary short sale process?

Short Sale Scam Alert: When To Know It’s A Fraud

Distressed homeowners in Lake Mary may find themselves around people or companies who may recommend unsolicited advice and offers. It is unfortunate that there are people who try to make illegal money out of the already poor homeowner's situation. It may be alright to entertain what they may have to say or offer. Scammers usually work on your emotions to victimize you. But always remember to use your head rather than your emotions.

It is important to know when to continue listening and when to stop, here are 10 scam alerts that you should be aware of.

1. They would say they can get your short sales approved under any circumstance. This is not true, no one knows for certain whether or not a short sale is approved, not the buyer’s agent, not the listing agent nor the seller. There are many reasons why lenders deny short sales. So when you hear these magic words, just stop the discussion.

2. They would ask you to pay your mortgage directly to them and not on your lender. Common sense will tell you that this is just not right. But at some point, they may be very convincing in asking you to pay your mortgage dues directly to them while they try to negotiate with your lender. When you agree to this, you are probably losing borrowed money only to hand over to these scammers. Take note that this kind of transaction is un-receipted and perpetrators can just walk away with clean hands. Always make payments directly to your lender.

3. They would offer to buy your house for cash at a fixed price that is not regulated by the present Lake Mary housing market at the time of sale. You have to exercise your right for a Fair Market Value. When you accept this kind of offer, you are allowing these people to take advantage of your misfortune. Do not sell your property for less than it’s worth.

4. They would pressure you to urgently sign paperwork you do not understand or have not had a chance to read thoroughly. Legitimate transactions allow you to review the pages thoroughly so that the terms are to the best interest of both parties. Never sign a contract under pressure, take your time and consult your lawyer or a trusted family member.

5. They would offer to fill paperwork for you. Legal documents require you to write using your own handwriting. This also serves as additional personal identity verification.

6. They would advise you NOT to contact your lender, lawyer, or credit/ housing counselor. A legitimate housing counselor will never ask you to stop communicating with these people. In fact, they would even advise you to get as much help from them so you can arrive at an informed decision.

7. They would collect a fee before providing you with any services. Be wary of any claim to stop foreclosure for a fee. It is against the state law of Florida to collect upfront fees. All fees must only be paid and accepted upon completion of work. Exception: Attorneys.

8. They would advise you to lease your home from them and guarantees you can buy it back later. Be very suspicious if they offer to pay your mortgage and rent your home back to you. This process usually involves signing over the deed of your home to the scammer. This would only lead to a lot of headaches. Remember that you are not formally released from the liability of your mortgage so when they stop paying it, your lender will have the right to foreclose your property.

9. They would only accept payments via cash, a cashier’s check or wire transfer. These types of payment are frequently used by scammers because it is difficult to get the money back once it is transferred using these methods. Also, these payment methods usually do not have appropriate money transmittal records.

10. They would ask you to transfer your property deed or title. Never sign away ownership of your home by deed or mortgage without consulting a lawyer.

Short Sale Scam Alert: When To Know It’s A Fraud

Call Torey Eisenman today at 321-422-4729 for a confidential phone interview regarding your options.

Please seek legal advice and accounting. This information is for informational purposes only.

Contact Torey Eisenman, CSSA, CDPE, Realtor®, Benchmark Real Estate Inc. Licensed Realtors® in Florida at 321-422-4729 to list your property for sale or to purchase a property in Orlando, Heathrow, Lake Mary, Winter Springs, Oviedo, Altamonte Springs, Alaqua, Alaqua Lakes, Estates at Springs Landing, Sanford, Casselberry and the rest of Seminole County Florida, Orange County Florida and Osceola County Florida. We are accepting referrals. Lake Mary Short Sale Agents

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Authored by: Torey Eisenman

Comment balloon 0 commentsTorey Eisenman • June 13 2012 12:11PM
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