Claudette's Blog

The National Association of Realtors has put out the word warning consumers about a recent property rental scam.  

Using listing photos of vacant properties acquired through Realtor.com and other online real estate sites, these phony landlords are running ads promising to lease homes at very reasonable rates.  

Typically, a consumer sees an ad for a rental home on Craigslist advertising an attractive property at a low rental and reasonable security deposit amount.  Included in the ad there will be a contact email address.  When consumers contact the address they will receive an email back explaining the situation.  The responses are usually varied forms of the following (actual response): 

"Thanks for the email...I own the House and also want you to know that it was due to my transfer to (West Africa, Nigeria) that makes us to leave the House and also want to give it out for rent and looking for a responsible person and God fearing person who can take very good care of the house in our absence. We are not after the money for the rent but want it to be clean all of the time and the person that will rent it to take it as if it were its own.  So for now, we are here in West Africa and will be staying here for the next 4 years in our new House and also with the keys of the House for rent, we try to look for an agent that we can give this documents and the keys before we left but could not find, and we as well do not want our House to be used any how in our absence that is why we took it along with us.  I and my Wife came over to Africa for a missionary work, so I hope you will promise us that you will take very good care of the house.  So get back to me if you know you could take care of our house or perhaps experience you have in renting home.  Hope you are okay with the price of $1000 per month and the security Deposit is $400. Get back to me for the rental application.  You can go and view.  Here is my contact number..." 

The scammer will then send a bogus rental application out to the renter and will request the application to be filled out and the first month's rent and security deposit to be wired through Western Union.  Sometimes a key is actually sent to the consumer but it does not fit any property.  The end result is the loss of the money as well as a theft of the personal information provided in the application. 

Some of the scam listings refer to a "Residential Lease Package" which is a document prepared by NAR (The National Association of Realtors.)  NAR denies any involvement with the document and is encouraging anyone who has been affected by this scam to file a complaint. You can file online at Internet Crime Complaint Center which is sponsored by the FBI and the National White Collar Crime Center.

Copyright 2009 - Claudette Millette, President,TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts - Serving Massachusetts Home Buyers Since 1992 

Is the housing meltdown coming to an end? 

According to the National Association of Realtors, pending home sales rose in March.  The pending home sale index rose 3.2 percent to 84.6 from 83.7 in March 2008.  It was also up from February's reading of 82. 

It has been a good year for first-time home buyers in Massachusetts who have seized the opportunity with low interest rates, low prices and the government's $8,000 tax credit program which will be in place until the end of this year. 

According to chief economist, Lawrence Yun, 

"We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around. This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit." 

The pending home index measures contracts signed and not yet completed.   The up-turn in the index may indicate that home prices have fallen enough to encourage buyers to get off of the fence and into the market. 

Looking for the Bottom  

Economists are expressing the fact that things look a bit brighter than they did at the beginning of the year.  However, with 10 months of inventory currently in many markets, we are looking toward a market with six to seven months of supply to begin a return to normal conditions. 

An April Gallup Poll reported that 71% of Americans thought it was a good time to buy a house.  And, with houses going under agreement at a more rapid pace, buyers are feeling more of a sense of urgency to put in an offer and go through with a purchase now.  The perception is that the market is close to or at a bottom.

"Investors believe the worst of the downturn is behind us," said Mark Zandi, chief economist at Moody's Economy.com. "The economy is still in a recession. But the rate of decline is moderating, and a bottom for the housing market and the overall economy are coming into view."  

Copyright 2009 - Claudette Millette, President, TheBuyersCounsel -  800-392-1446, E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

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