Greg's Corner

Updates from March, 2023 Toggle Comment Threads | Keyboard Shortcuts

• 

  Geebo 9:00 am on March 3, 2023 Permalink | Reply
  Tags: Airbnb ( 13 ), housing ( 5 ), real estate ( 119 ), Scams ( 1,239 ), short-term rental ( 5 )   

  Scammers try to sell Airbnb homes 

  

  By Greg Collier

  Some say there are numerous problems with short-term rental services like Airbnb. For example, some critics say the homes could be put to better use as family homes than short-term rentals. Especially while the country is in a housing crisis. Others say that Airbnb renters can be disruptive and destructive to residential neighborhoods. There’s also the problem of Airbnb hosts who rent out properties that are either below living standards or are misrepresented in the listing. Now, Airbnb can add one more problem to the list.

  According to a report out of Portland, Oregon, Airbnb hosts have come across a new scam that could put their rental property in jeopardy. Multiple hosts have reported renting their units out to renters who turn out to be scammers. The scammers then pose as real estate agents and hold showings or open houses of the rental property. The properties are being listed on a real estate website that only deals with sales by the homeowners. Scammers are listing the homes at ridiculously low prices and are offering to sell them for cash in hand to only first-time homebuyers.

  One Airbnb host was able to record a scammer showing the property to first-time buyers through a security camera. Where the camera was installed in the Airbnb is unknown.

  If you’re an Airbnb host, it’s recommended you routinely check to make sure the property isn’t being listed for sale on sites like Zillow, Craigslist, and Facebook Marketplace.

  If you’re a first-time homebuyer, try to avoid listings that are well below market value. Also, do plenty of research on the property first before making any payments. While paying for a home in full is the dream of every homeowner, finding a cheap home in good condition is more the exception than the rule. And the odds that you found the exception are very low.

   

  Leave a ReplyCancel reply
• 

  Geebo 9:00 am on March 2, 2023 Permalink | Reply
  Tags: identity theft ( 97 ), land scam, real estate ( 119 ), Scams ( 1,239 ), vacant lots ( 2 )   

  Scammers will sell the land out from under you 

  

  By Greg Collier

  There are any told number of real estate scams. The most common one has to be the rental scam. This is when scammers will advertise a home for rent even though they don’t own the property. This is done so the scammer can obtain money from their victims in the guise of rent or deposits. The rental scam has led to many families being left homeless after losing the last of their money to the scammer.

  More recently, there has been a new real estate scam that’s making the rounds. It’s not as common as the rental scam, but its victims could still suffer from devastating financial effects. Real estate scammers are now targeting vacant lots. It doesn’t matter whether the lot is for sale or not, scammers will try to sell it as if they own it. This could lead to not only the buyer being swindled out of thousands of dollars, but it could also leave legitimate owners with a nightmare of a legal battle.

  So, how are scammers getting away with this? Not to give them any credit, but they’re really putting in the work on this one. When the scammers find a vacant property with no construction on it, they’ll find out who the owner is. This can be found out through publicly available information. The scammers will steal the identity of the owner and forge identification in the owner’s name. This way, the scammers can list the property for sale with a realtor while appearing to be the owner. Often, the scammers won’t even be in the same area as the lot or the realtor, and will typically communicate through means like emails and text messages.

  There were two reported incidents of this scam happening this week. One happened in New Orleans before the owner was notified by a friend. The other happened in the Washington, DC area, where the buyers realized it was a scam after the seller was unable to answer questions about the property.

  To protect yourself, it’s recommended for buyers to get title insurance. This protects buyers from losing money in a phony sale. For owner’s it’s not so easy. In their case, they have to trust that the local realtors do enough research, so they won’t list a lot for sale that isn’t.

   
• 

  Geebo 9:00 am on March 1, 2023 Permalink | Reply
  Tags: bank scam ( 64 ), Chase ( 13 ), customer service ( 49 ), impersonation scam ( 118 ), Scams ( 1,239 ), Wells Fargo ( 11 )   

  Bank to scam victim: “This is on you. We’re out.” 

  

  By Greg Collier

  Just the other day, we posted a story about how banks are reluctant to reimburse scam victims. This was after stories we posted about how one bank accused a scam victim of being the scammer, and another where scam victims were suing their bank for failing to protect their accounts. The question we keep asking is why can’t the banks stop or reverse these transactions?

  The usual M.O. of scammers involves contacting their targets through calls or messages, inquiring about recent significant transactions. Subsequently, the scammers coerce the victims into believing that transferring their funds to a different account is the sole method of safeguarding their bank accounts. Invariably, the account that the money is relocated to is under the control of the scammer. The bank accounts utilized by scammers are typically not offshore accounts. Instead, they are often regular checking accounts that are available through major banks.

  In a recent bank impersonation scam, two of the nation’s major banks were used. A woman from Seattle got a text that appeared to come from Chase Bank. The text asked her if she had just made a $99 purchase in Florida. The woman called the number back where the text came from and thought she was talking to Chase, but was actually talking to a scammer. The scammer told that to protect her account, she would need to make two $15,000 wire transfers to a Wells Fargo account.

  After realizing she had been scammed, she immediately called Chase Bank and was transferred between eight different departments before someone could help her. By the time she got somebody on the line, the transactions to Wells Fargo had already gone through. Chase told her she would need to fill out paperwork before they could investigate, and that would take at least a week. Chase then allegedly passed the buck, no pun intended, to Wells Fargo. The victim was essentially told that it would depend on Wells Fargo on whether she would get her money back. When she asked Chase for some documentation, she was reportedly told, “We don’t provide that, and we’re out. This is on you.”

  Banks contact customers all the time if they believe a fraudulent purchase or transaction has been made. So, why weren’t either bank suspicious about two wire transfers that totaled $30,000? Why aren’t these transactions being put on hold when a customer claims they’ve been defrauded? And again, why are the banks allowing scammers to open and close bank accounts so quickly?

  If you get a text that looks like it came from your bank asking about a fraudulent transaction, don’t use the callback feature in the text. If someone calls you claiming to be from your bank about fraudulent activity, hang up. Then dial your bank directly at the phone number on the back of your debit card.

  The only way to try to prevent financial loss from these scams is to protect yourself, since it doesn’t appear the banks will go out of their way to help.