RENTAL SCAM

Properties in foreclosure are owned by the bank and typically the bank doesn’t do anything to it for several months. They won’t try to rehab or sell it and the property will be left sitting as if abandoned. This practice leaves a vacant property vulnerable to be quit claimed and listed by someone else as the owners of the property. This practice is illegal but sometimes difficult to catch especially when the banks fail to post a notice of default or list the property in the MLS as a short sale or foreclosure.
Adding to the mix, a prospective tenant, someone searching for a home would have no idea this illegal process has occurred. The prospective tenant applied to rent the property, paid the required fees, signed a lease agreement and moved into the property believing they are dealing with the owner or property management company. What then? If this happens to you as a renter, your only recourse is to try and get the funds paid to lease the property returned and move on. This may be a difficult task as the rightful owner or a registered property manager is not involved and only the person who is involved and that is the person running the scam.
Renters need to obtain more information and review property listings in your area of interest. Ask the person leasing the property how long they have owned or managed the property, ask how long the property has been vacant, if possible, speak to neighbors asking questions about the home, property owner or Management Company or go to the extent of checking the property owner records at your local court house.

For additional information on this and other renting articles, please visit our web site at www.mrpmrentals.com.
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