Beware Of The Day When Your Renter Sells Your House
How the scam works:
(with video below) Do you currently own a property that you rent out to someone else? Watch out for the Renter Selling Your House scam, exposed with a video below.
Similar to the Re-renting Your House Scam, but this time, the tenant who moved in will post your property for sale on the internet posing as the owner. Posting it for a low market price so as to get a lot of attention, they will tell the potential buyers they are in a bad financial situation and owe thousands of dollars in back-taxes.
They then decide to "sell" the home to the buyer who can offer up the biggest cash deposit, subsequently taking the money and running. The victim is left to explain the mess and find a new renter quickly.
Watch the video below to see in action the Reselling The House Scam, exposed.
How to avoid the Renter Selling Your House scam:
If you are the owner of the house, ask the tenant to show you two pieces of ID when you sign the contract. Make sure they are who they say they are. This way, it won't be hard to find them with the Police. If they plan to pull this scam, they always try to rent a property without the proof of real identity (they might even use fake IDs). Typically, they are from other towns and just move around. If you are very strict asking for more than one document from the beginning, they will know there is no room to play.
If you are the victim at the other side of the spectrum (the buyer who 'purchases' the house from the scammer), don't hand anyone a large cash deposit without asking to see the land title agreement, drafting up a bill of sale and, hopefully, going through a lawyer. Sometimes, people will sell it themselves and if that is the case, make sure you get all relevant information about the individual and the property.
How to report the Renter Selling Your House scam:
You can also report the scammers to the closest Police center and give the description of the criminal. Also, make your family and friends aware of this scam by sharing it on social media using the buttons provided.
How to protect yourself more:
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You'll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other scammers.
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