If Its Too Good To Be True -- It Probably Is!

OK. I’m going to say this one more time!


If It Sounds Too Good To Be True – IT IS!


No Kidding! TRUE STORY!

Last week, I had a call from a woman who now lives out of state. I’ll call her Mary. When I answered the phone, Mary was in tears. She said, “...oh Sara, I think I have a big problem!”

I gently and patiently inquired about the situation. Then the story began to unfurl.

While Mary was living in Georgia she purchased a home in Cherokee County in 2000. In 2005, she “sold” the home and moved out of state to be closer to grandchildren. Since 2005, the buyer of her home has evidently used the property as a rental home for rental income.

Everything was fine until last week when Mary’s old mortgage company called to inquire about 4 months of missing mortgage payments.

Mary received a phone call from Wells Fargo inquiring about 4 months of missing mortgage payments! Mary was shocked. She told the Wells Fargo representative that she sold the property in 2005.

Wells Fargo hung up and did a little research of their own. The next day the bank called back to inform Mary that she in fact does own the property. They told Mary her name was on the Deed as well as the Title.

Obviously, this realization scared Mary a little. She began to research and call Attorneys and Realtors in Cherokee County. Somehow, Mary found me online.

According to Mary, in 2005, she needed to sell her home and sell it quickly to make her move out of state. She was having trouble finding a buyer until one day she noticed a sign at the local intersection which would make all her problems go away.

I bet you have seen the signs too. Mary called the telephone number on the sign that was conveniently located near her neighborhood.

The sign read:

"WE BUY HOUSES”.

Mary called the number on the sign. The deal closed quickly. After all the Buyer was a professional home buyer and an attorney -- or so Mary thought until last Monday!

To make a long story short the home has been trashed by renters. Interestingly the buyer/attorney has no address or phone number. It turns out that the home was never legally SOLD. In fact, Wells Fargo is correct. The home is still in Mary’s name on both the deed and the title. No transaction ever occurred. Just a scammer paying Mary's mortgage each month -- until recently.

Was Mary the product of a scam?

YES

Is Mary Lucky?

I would say that Mary is very lucky. Wells Fargo is willing to forgive the 4 months of back mortgage payments. Wells Fargo has suggested that if Mary no longer wants the property to sell it through a qualified real estate brokerage. Although the property is not currently in “move-in” ready condition, it needs some minor cosmetic work before it goes on the market. I have advised Mary, that before I will list the property for sale, she must have a title search completed by a qualified real estate attorney to confirm a clear title.

Yes, Mary is VERY lucky! This scenario could be so much worse.

Moral of the story?

If It Sounds Too Good To Be True – IT IS!

Do Not Attempt To Sell Your Home To Anyone Without Proper Real Estate Representation.

Don’t cut corners! If you need to sell your home --- call a REALTOR!

If you are a Seller, you need sound real estate advice from a qualified and licensed Realtor. Sellers need a qualified Real Estate agent representing their best interest in the sale of any real property. Likewise, the home buyer should also have a Buyers Agent representing their best interest too.

Sara Hibbard works individually with Buyers and Sellers alike. Please feel free to call Sara Hibbard with all your real estate questions and concerns. Ms Hibbard specializes in buyer representation, relocation, foreclosure and short sale properties and more. Call her anytime at 770-399-8108 or e-mail her at sara@sarahibbard.com. Visit her websites located at www.SaraHibbard.com or www.SaraHibbardRealEstate.com.