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January 29, 2011

Beware property resale scams

Courtesy of the Better Business Bureau Jacksonville Daily Progress

JACKSONVILLE — BBB Serving Central East Texas has recently received an influx of phone calls from senior citizens who are being solicited by companies offering to sell their unused or unwanted vacant lots or time shares. Consumers claim that the company is requires a “security deposit” before the company will send them the paperwork/contracts regarding the sale.

In the end, some owners have found that their property did not sell, their fee was not returned, and/or the “sellers” are nowhere to be found.

“Typically, a legitimate company will not ask for a fee before a property is sold,” said Mechele Agbayani Mills, President  and CEO of BBB Central East Texas. “If they are so good at what they do, they should have no problem getting their fee from the proceeds of the sale”.

If you are considering reselling vacant lots or time shares, the BBB recommends the following:

Never agree to any terms over the telephone unless you have had the chance to check out the company.

Never submit to pressure to make a quick decision. Legitimate businesses don’t expect people to make important decisions on the spot.

Ask for materials in writing before sending any money; a legitimate company will not resist sending additional information.

Ask where the company is located and in which states it conducts business.

Ask if the company’s people are licensed to sell real estate where your property is located. If so, verify with the licensing board.

Find out if the company charges a commission. Do they handle the entire closing and provide escrow services? Do they charge up an “up-front listing” or “advertising” fee? What does it cover, and is it refundable? If they ask you for money up front or ahead of the closing, it is generally a scam.

Be wary of companies charging an advance “appraisal” fee for services.

Contact the Better Business Bureau to see if complaints have been lodged against the company.  

If possible, check out the seller. What do other customers say about them?

Never send a check or make a wire transfer. Your money will be irretrievable once a check has been cashed or a money order has been collected.

Never give out your driver’s license or social security number to someone you don’t know. Identity theft continues to be the number one form of white collar consumer fraud in the U.S.

Trust your gut. If a deal feels “fishy” or sounds too good to be true, it probably is.

Keep in mind there are other resale options. Go to bbb.org to find a real estate agent you can trust and who is familiar with the area, or you may even try selling the lots or timeshares yourself.

For more advice on avoiding scams and fraud visit:  www.bbb.org/ us/consumer-tips-scams/ . To report a scam or other fraudulent activity, call the BBB Hotline: (903) 581-8373.

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