Lease To Own Scams - Watch out!
Channel 22 in Springfield MA recently reported on a "rent to own" scam. I own a for-sale-by owner-service in Western Mass and one of our sellers reported getting a call from this company a couple of months ago. The company wanted to buy his home, then rent it to a couple who were trying to get their lives back in order. Sounded fishy and he didn't bite, thankfully.
The alleged scam artist called herself a investment specialist and put herself out to be a real estate agent (as reported by Channel 22) but a quick license check didn't turn up anything. Her partner, however, is a licensed agent from Hadley, MA. In the current economy I'm afraid we will be hearing more unfortunate stories such as this.
Be very careful looking at "rent to own" properties and check out the agent, the agency (as the broker is responsible for his/her agent's actions), and the reputation of the company. Read the fine print and don't sign anything until your attorney reviews the documents.
|