Tuesday, June 5, 2018

Rental Scammers!

Due to soaring house prices and interest rates, many people are unable to purchase a home
and are having to rent instead of buy. Although this may be okay in the short-term, the
long-term benefits of home ownership can severely outweigh any positives of renting. The
steady increase in renting has the attention of internet scammers, who are using rental
properties as a cover to steal your hard-earned money. These are called “Craigslist Rental
Scammers,” but they can happen anywhere online. Here are a few ways to help protect you
in a search for a rental property:
It’s Too Good To Be True
If you feel as though a rental is too good to be true, it probably is. Often times, scammers use
extremely low prices and overly flexible leases to spark your interest. In the current market,
renting is not that simple.
Landlord Wants Too Much Before You See Anything
If the landlord asks you to wire money or provide your information before you even see the
inside, it is a scam. Often time scammers will tell you to drive by the outside, instead of letting
you visit the property. This is a huge red flag.
No Information
If they don’t ask for information from you before prompting for money, this is a scam. Most
legitimate landlords need you to fill out an application, legal documents and provide
documentation before a deposit is requested.
Bad Grammar, Illegitimate Emails & Screening Phone Calls
If the potential landlord has error-ridden emails/texts, illegitimate email addresses, or refuses to
take phone calls, there is a good chance you are being taken advantage of.
Overseas Landlord
If the property is being handled by someone for an owner who is “overseas”, be cautious.
They will insist they are managing the property for the real owner but disappears with your
Although the housing market is very competitive, our team has experienced professionals that
will guide potential home buyers and make them feel at ease. Call us today find out how we
can help you or your clients get into a new home.
*Information provided courtesy of Summit Funding