I've gotten a couple of offers this week from a realty...

[brush]

company offering $2400 for the right to sell my home in the future. I don't have to sell and if I don't I keep the money, but if I do, they get to be the listing broker at the standard 6%.

I have to sign a document with a notary outlining this and I can get either direct deposit, a hard check, or a Vel transaction, the quickest way to get the money.

Anybody heard of this as I'm always trying to keep aware of the latest scams?

[SoonerPride]

1. Sounds like a scam to me.

[bucolic_frolic]

2. A relative had similar for precious metal, I think. If it's too good to be true: I sent them this.

https://consumer.ftc.gov/articles/how-spot-avoid-report-fake-check-scams

In a fake check scam, a person you don’t know asks you to deposit a check— sometimes for several thousand dollars, and usually for more than you are owed — and send some of the money to another person. The scammers always have a good story to explain why you can’t keep all the money. They might say they need you to cover taxes or fees, you’ll need to buy supplies, or something else.

Fake checks come in many forms. They might look like business or personal checks, cashier’s checks, money orders, or a check delivered electronically. Here’s what you need to know about fake check scams.
Types of Fake Checks Scams

Fake checks are used in many types of scams. Here are some examples:

Mystery shopping. Scammers pretend to hire people as mystery shoppers and tell them their first assignment is to evaluate a retailer that sells gift cards, money orders, or a money transfer service, like Western Union or MoneyGram. The shopper gets a check with instructions to deposit it in a personal bank account and wire it to someone else. But once the money is wired, the person on the other end can disappear.

More at the link.

[brush]

4. I've dealt with the fake bank check scam before...

with a rental property I had. That is a straight out scam. I even got a "bank check" but my banker sleuthed it out as a fake before I went forward with the fake tenant.

This is not that but I'm still wary. I asked them to send me an email with the terms and document outlined.

We'll see what happens.

[yonder]

16. Stay wary.

It sounds like an unnecessary complication in your own life if legit but likely a scam.

[shrike3]

12. Yeah, I had that offer of a fake check once.

For an alleged "business" transaction.

I just never responded to the person. Wonder sometimes if I should have called the cops.

[bif]

17. Someone tried to pull this one on me.

I'm a painter and I have my work on IG. Someone wanted to buy a painting of mine. He was supposedly out of the country. He was going to send me a check for thousands more than the price of the painting, and I was to send hime the balance. I thought, "Are you fucking kidding me?!" Not too suspicious, eh?

[True Dough]

3. I would take caution

Allowing you to keep $2,400 if you don't sell would sound alarm bells for me.

BTW, when we last sold our home, I negotiated the commission down to 3.85%. The market is hot for sellers and very competitive among realtors too. There should be some significant flex on that rate.

[brush]

5. Good thought on negotiating the realtor fee.

Last edited Fri May 27, 2022, 03:21 PM - Edit history (1)

Was the 3.8 percent to be split by the broker and buyer's agent?

[True Dough]

11. Yes

Our realtor took 1.85% and the buyer's agent took 2%, but the buyer's agent was one of their employees. They "found" the buyer among their clients, which surely made it easier for them to swallow that much of a fee reduction.

[Pobeka]

6. Sounds like a scam to me.

What they say, and what is in the reams and reams of fine print are probably quite different.

Limiting your choice about what realtor you get to sell your home in a future situation you can't yet know seems like a bad idea. What if they choose to sell your house to their own subsidiary or another reality company that has an "arrangement" with them for only 80% of market value?

Personally, I'd walk away.

[brush]

9. Thanks. I think what you say is spot on. I've found....

DU to be a good sounding board on scams.

[BigDemVoter]

7. Caution. There are a million ways to scam. . . .

[MineralMan]

8. I would advise against doing something like that.

It's far enough off from normal practice that I'd be concerned about signing any sort of paper involved with that deal.

For $2400, I wouldn't take the risk at all.

[brush]

10. Thanks. I've found DU to be a good sleuthing...

resource for scams.

[Irish_Dem]

13. Someone offering your $2400 and you don't have to do anything in return.

Last edited Fri May 27, 2022, 09:55 PM - Edit history (1)

Sure.

[Celerity]

28. $2400

[Irish_Dem]

29. Thanks! Oops.... too many zeros.

[Celerity]

30. good thing that was a not a cheque you were cutting!

[Irish_Dem]

31. Ha the IRS actually did that to me one time.

I was supposed to get a refund and they added a zero to the check by mistake.

I tried three times to send the check back, it was a lot of money. But they kept sending it back to me. I was afraid I would end up in prison so I finally called my US congressman to help me.

My friends told me I just take the IRS check and head for Tijuana.

[Celerity]

32. Tijuana is NOT worth it, lolol

I bought some trainers in London once, and the box, when I opened it at home, had £500 in cash in it.

I called the store (Browns, the old South Molton Street in Mayfair flagship, right near the Bond Street tube station, a place I dropped far too much dosh in over the years), went back, and they told me to keep it, their books were balanced, and I deserved it for honesty, lol.

Hello new Chloe dress 👗

[Irish_Dem]

34. Yes. Certainly not worth crossing the IRS.

I figured even though I kept sending the check back, I would be the one in hot water at the end of the day.

Wow that is a find, very nice piece of cash in a shoebox. I wonder how it got there.

Great of the merchant to let you have the cash. I guess for an honest establishment that kind of found money would have been an accounting issue.

Oh I love fashion and looked up Chloe. Looks like a great store.

[Celerity]

35. 💙💙💙

[Irish_Dem]

36. Oh my

That is a fabulous dress.

I love the purse.

Maybe some other shoe to go with the outfit? But maybe the sandals are the Chloe look.

I was curious about the fabric and crochet detailing so look up this dress:

"A crafty summer piece, this A-line mini dress is made from an exceptional, engineered interplay of soft nappa crosta patches in 9 different colors. Gathered together by hand-crochet, the all-over patchwork lends playful, graphic detail to this sleeveless dress, which comes with a separate crêpe de chine dress lining."

I thought it looked like handmade crochet and suede and leather patches.
Oh they are selling it as a summer dress, hence the sandals.

[Celerity]

40. cute AF fit for an early summer brunch in La Diagonal (Barcelona)

[Irish_Dem]

41. I'll be there.

The same dress comes in white with no lining according to the Chloe website.

I will be wearing that dress with sandals, but still picking out the purse.
Big decision.

Since it is Europe I would love to wear a hat, I am sick of wearing baseball caps.

[Celerity]

42. oh (sans that dress, lol) we are travelling a lot all over the EU this summer, so much pent up

wanderlust to satiate.

We are thinking of driving the whole trip, down from Stockholm, and just deciding on the trot where we go after laying out the first several days in advance. We have a plug-in hybrid, so petrol expenditures will not be an issue, even at EU fuel cost bases.

[Irish_Dem]

43. Sounds wonderful.

Yes get out and travel. Europe by car sounds perfect.

So many iconic travel destinations to choose from.

I wish you could throw a few Chloe dresses with darling purses in your suitcase. Maybe you will come across some more cash filled shoeboxes!

(The white crochet patchwork dress is a silk maxi dress, really stunning.)

[FakeNoose]

14. It can't be that easy, so they must be scamming you

If your house is in good condition in an acceptable neighborhood location, you'll be able to sell it for a profit whenever you do decide to sell. So there's no downside to waiting and biding your time. These guys are playing some kind of shell game, or 3-card monty. There are enough reputable real estate companies around that don't resort to these shyster-sounding "offers."

[brush]

18. You're right. Out of the blue this comea about.

Most likely too good to be true.

[royable]

15. The mere fact that THEY contacted YOU reeks of scam.

I would advise to have NO further contact with them unless you have lots of experience in out-scamming scam artists.

[brush]

19. Yep, I don't need the complication in my life.

[Kingofalldems]

20. I'll give you $10,000 not to take it.

[brush]

21. Deal.

I get your point.

[Frasier Balzov]

22. They will record a covenant running with the land.

It will be difficult to clear if it ever needs to be.

A perpetual cloud on title.

[Disaffected]

23. It sounds suspicious alright but

the devil is in the contract detail. I can sorta see that it might be worth the $2,400 to a relator to get your future business, especially if you own an expensive property, should you decide to sell but the terms of the agreement need to be exactly right.

The agreement would have to stipulate how the asking price of the property would be determined; that you, the owner, would have final say over the selling price and terms of the sale; the length of time the relator gets to find a buyer; the relator commission on the sale etc.

Even still I would be very cautious especially since this type of arrangement seems to be quite novel (with no precedence to make reference to, legally or otherwise).

[Vinca]

24. Sounds very scammy. In this market you could get a broker to take a listing at less

than 6% just to have a listing - at least where I live.

[Lettuce Be]

25. That'd be a big no from me

Sounds like a scam, smells like a scam, it's likely a scam, and if not, why on earth would you need this anyway?

[brush]

26. I don't need it. Just running it by DU. This is a...

new, possible scam. Others may get calls to.

[Hekate]

27. It is a scam and you will lose your home

Hang up on them asap.

[brush]

46. I'm just running it by DU. It's most likely too good to be true.

Last edited Sat May 28, 2022, 06:08 PM - Edit history (1)

I'm not that gullible.

[Hekate]

49. Good warning for the rest of us, so thanks for sharing

[Mariana]

33. What is the name of the supposed realty company? nt.

[Dorian Gray]

37. Even if it isn't a scam...

Why would it be attractive to sign the rights to sell your property through them? Maybe other agencies would offer you a better deal?

I know agencies cut their fees lower than 6% too.

I would be wary of a scam, for sure. There are people in NYC who have signed the rights to their homes away. Dn't know the details of how that happened, but I do NOT see any upside to this.

[brush]

45. Thank you. I agree. Just running it by DU.

[Liberal In Texas]

38. I wouldn't do it.

Right now you could probably sell almost any house without any realtor commission or be able to negotiate one that is 2% or under. It's a sellers market.

I get calls and texts almost daily from someone who wants to know if I want to sell my house.

Also, this free money today might come back to haunt you in a few years.

[Mr. Ected]

39. I'm in the real estate business and am familiar with this program

In the one case I'm familiar with, the homeowner received $2500 and signed a listing agreement that gave the realty company the exclusive right to list her property for 40 years. She listed with them but wasn't able to sell her home in a seller's market due to the company's ineptitude (also, the property is in Georgia but the brokerage's operations are in Florida, though they were also licensed in Georgia). She wrote them a letter that she wished to reneg on their agreement, listed with another local realtor who almost immediately put the property under contract, but the day before the closing a lawsuit was filed by the Florida group that effectively halted the sale and named her as defendant in a breach of contract action.

Go local. Interview several realtors before determining best fit for you. Never sign long-term agreements of this nature.

[brush]

44. Thanks for this info. The outfit that approached...

didn't mention a time period but I'll stay away anyway. I'm in no rush to sell and I get those cash offers all the time which I turn down because they are invariably low-ball ones.

They just indicated I'm in a desirable area.

[JustABozoOnThisBus]

47. How would they enforce it? Put a $2400 lien on your home?

I'd advise against.

If you go for it, ask for payment in gift cards or bitcoin.

[Mr. Ected]

48. If you breach, they can file suit for breach of contract in the county where the property lies

Which puts a cloud on title and renders the property unmarketable until it is dismissed.