Posts Tagged ‘bank owned rental scam’

Scammers renting out bank owned homes? REO Realtors and renters beware!

Sunday, October 21st, 2012

Apparently there is yet another new scam occurring in the foreclosure market: scammers that rent out REO homes

According to the article linked above from the, Freddie Mac’s online fraud prevention site has posted information about a new scam circulating where a scammer takes out an ad on Craigslist advertising a home for rent that is much cheaper than other similar homes in the area (if it’s too good to be true…). The scammer goes so far as to change the locks on the home and remove the Realtor lockbox, asks the renter for cash deposits (or money orders/cashiers checks) then hands over the keys. And if the prospective renter is savvy enough to ask about the for sale sign in the yard (assuming the scammer hasn’t removed that too), the answer, “we tried to sell it, gave up and decided to rent it, sign will be gone soon”.

Sweet. Really? Yet another scam. Great.