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My favorite, not so new, scam.
10 posts by 7 users
Stephen M.Residential Real Estate AgentMoreno Valley, CA 
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Latly a few of our REO's have become rentals without knowing it. Every once in a while we will get a property a little out of the way and we only visit it once a month. These properties are usually the victims. 1. Our sign is removed. 2. A for rent sign is put up with a prepaid cell phone # on it. 3. A tenant signs a lease with this unknown " land lord" and tells them all the utilities are included in the rent. 4. We get an electric bill for $300. When utilities are included these people really crank the a/c. 5. We visit the property and find very pissed off tenants. One guy even paid 6 months up front because he told the " land lord" that he had really bad credit. We have had more than 10 like this in the last 6 months. We do have over 500 REO's but wow, these guys are a-holes. |
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Nc M.Real Estate InvestorNC 
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How are these scammers getting inside the house to show it to prospective tenants? Are they breaking open the lockbox and then using the key? Perhaps a locksmith might have solutions. Good luck. |
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Stephen M.Residential Real Estate AgentMoreno Valley, CA
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I love door handles. You can just take a hammer to them and they fall right off. All of our rented REO's have had new front door locks. All the side doors were not rekeyed. The front lock must come off even if they have the combo because the lock box shackle has its own key. |
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Jeff T.Real Estate InvestorFort Myers, FL 
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they are trying this in SWFL
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Jennifer K.Real Estate AgentKY 
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Wow - bummer. I'm very glad that this type of behavior isn't prevalent in our area. I guess the only real solution is to visit the properties on a more regular basis. Good luck to you. |
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Tom C.Real Estate InvestorOH 
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I have a vacant home right next to my current project house. There is a lock box on the front door and my agent even took me in the house. I did some research on the house and found out, that it is still in the owners name and it is not listed through any one. I spoke to the current owner and she said that she is trying to work out an agreement with her bank and she had no idea who put the lock box on her house. Sure sounds like another agent scam to me.. I think they saw that the house was vacant and decided to change the lock and put their box on it. Mean while this poor lady still has all her belongings in the house and is still responsible for it.. All while strangers are being let in her home. |
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Tim W.Real Estate InvestorChicago, IL 
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Actually TC, the lockbox may have been put on by the bank. Outside of this not being the first time I would have heard of a bank lockboxing someone's house, the mortgagee clause of an insurance policy requires a mortgage holder (bank) to secure the property upon vacancy in order to maintain their rights to any damages that may occur to the property. |
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Tom C.Real Estate InvestorOH
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Interesting Tim... She told me that the bank told her that she was still responsible for the house, including maintaining the yard. |
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Tim W.Real Estate InvestorChicago, IL
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Yeah technically house maintenance is not covered under an insurance policy so they can inform her that she is responsible for it. Also, I'm sure they don't want a city lein on the property should they city maintain the yard and charge it to the property. This would have to be paid off by the bank at the REO sale of the property. What the bank is telling her may technically be true and is certainly in their best interest to get her to believe, but they're going to have a ball trying to enforce it should she decide to disregard them. |
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Tracey B.Real Estate Investor
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This disturbing scam recently appeared in Australia for the first time, too. You're right; these people are real scumbags. 
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Posted: 06/02/2008 at 12:03AM