December 28, 2008

Vacant Homes, Fake Landlords And Rental Scams
As with any new change or invention, scam artists and criminals adapt and create ways to sneak through the system. There are fake landlords out here ready to collect your money. Some of them are using the abundant amount of foreclosures and vacant homes on the market in the Cleveland, Ohio area and across the country to profit off of. If you're looking to rent a home, consider the following tips and be on the lookout.



Always check public records to match the name on the property to the person you're renting from. Don't feel shy asking for identification to prove they are who they say they are. You can go to the county auditor's website to find the name of the property owner. If the names don't match, find out why and ask that the actual owner be present when signing the lease. If you're dealing with a property manager, sign any and all paperwork in their office.

Check the property for back taxes and possible default. Landlords are also renting properties that are going into foreclosure. They may be the current owner but know the home will be going to the bank soon. Some will try to collect as much as they can from a stranger while they move on to another home. Never pay too much upfront. Back taxes on the public record could indicate a serious problem.

If someone asks you to pay them upfront for rent in the form of cash or money order, it may be time to raise an eyebrow. If they trust you to rent their property, accepting a personal check from you should not be an issue.

Before paying this person, ask to take a photo with them. Tell them it's for your scrapbook. A memory of the special occasion. If they're not willing, that may be another sign. If this person is a scam artist, they obviously won't want their photo taken as proof of the crime.

Know the market and what homes are renting for. If the home looks like a possible bank owned property, and the rent is too low, it could be a strong sign to back away. Look up the address of the home online and find out anything you can about it. Doing a little homework first could save you a lot of headache in the end.

Foreclosed properties usually look a certain way. Foreclosures/bank owned homes tend to have lock boxes on the doors, paperwork on the windows or inside the home. Foreclosures typically don't have utilities on in the home and the plumbing will have been winterized. Check the utilities. Make sure everything is functional and there are working locks and doors. The majority of valid landlords will have the utilities on in their name while the home is on the market.

Some fake landlords are actually changing locks on homes and not always doing them professionally. If there's a brand new lock on a door and it just looks odd or not properly installed, keep that in mind. Also, if there aren't keys to all the doors, just the new lock, that may also be a strong clue. Mechanical garage doors in foreclosed homes, are often missing the garage door openers. Make sure you see one and it's working.

Listen to your gut, it's usually right. If something just doesn't seem right, it probably isn't. Don't be afraid to ask questions and research your prospective landlord and property. If you do get scammed and end up paying someone hundreds or thousands to rent a home and then never hear from them again, the home owner or bank will come knocking and view you as the scam artist and a squatter. It's not something you want to fight or be involved with. Take a few extra steps to protect yourself. It's a new day. Renting isn't the same anymore and you need to make sure you're going about everything correctly.

These tips are obviously more relevant if you're renting from a private party. If you're working with a real estate agent to rent a home, the property will already be listed on the market by the home owner. To view all homes for rent in Northeast Ohio, search the MLS.

1 Comments:

Anonymous Anonymous said...

WOW! Good info! I would never have thought of all that. I'll definitely pass this on to friends & family who might be looking to rent. Thank you :)

January 07, 2009  

Post a Comment

Subscribe to Post Comments [Atom]

<< Home