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Westhill Consulting British Colombia, Hong Kong, Jakarta, USA: How to Avoid a Real Esta... - 2 views

Westhill Consulting British Colombia Hong Kong Jakarta USA
started by freidexa on 27 Mar 15 no follow-up yet
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    You'd be foolish to think you couldn't be fooled in a real estate transaction. While the majority of sellers, buyers and renters are presumably honest, there can be additional players with skin in the game, from landlords and real estate agents to title agency workers and bankers.

    As Sacramento real estate broker Alexis Moore observes: "The crooks don't always have on orange jump suits. Many are former real estate professionals who are using the system."

    So how do you know if you're about to be scammed? You can't, but there are warning signs and steps you can take to protect yourself. Even if you are working with honest people, these are smart ways to approach buying, renting or selling any home.

    Don't rush. Sometimes, you really do stumble into a great deal, and, yes, you want to act quickly before someone else stumbles on - and snags - this great deal. But rushing means you have little time to question what you're doing.

    Joe Rand, managing partner for Better Homes and Gardens Rand Realty, which sells and rents home in New York and New Jersey, says that about once a week, he hears of a renter who saw a house but didn't actually go inside.

    "The person will tell the renter that they've relocated, they need to rent [the property] quickly, here's a photo. Just go look at the place, but I can't show you the inside," Rand says. The renter will send the "landlord" deposit money and show up at one of his business's many offices, asking for the keys. Of course, that's when the renter learns he was working with a con artist who had simply taken a photo of an apartment and let the victim's imagination fill in the blanks.

    It may seem crazy to rent property without touring the interior, but as Rand explains: "What does every scam depend on? Somebody thinking this is an amazing deal, and they have to jump on it."

    Vet the person you're working with. Just because someone has a LinkedIn page doesn't make him or her a swell human being. For instance, earlier this month, at least 14 unsuspecting homebuyers in towns around Monroe County, New York, paid down payments to a real estate agent whose license had reportedly expired. The homeowners wrote him checks, but instead of putting their funds in escrow, the agent allegedly pocketed the money. At the time of this writing, the accused agent, John Valerio, is cooling his heels in the county clink.

    But one can hardly blame the victims. Valerio, after all, apparently was, until very recently, a licensed real estate agent. He doesn't have much of an online presence, but his LinkedIn profile states that his company, Lamplighter Realty Inc., has been in business since 1971. What's more, his business is listed in the Yellow Pages.

    This scenario may happen more than we'd like to believe. Moore says she recently reported an unlicensed colleague who was still selling homes. Your safest bet is likely to walk into a bustling, reputable real estate office to meet with a new agent, but if you meet an agent randomly who has little more than a business card and a charming demeanor, ask to see an agent's license to ensure it's current, Moore suggests.

    "We all carry a plastic card like a credit card in California, and it says the person's name and their title, like broker or sales agent," she adds.

    If you're really concerned, check online to see if anything concerning pops up. To find someone you trust, ask for a referral from a close friend or family member.

    Continue reading…
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Capital Iron gears for third Island shop with new digs on Langford Parkway. - 1 views

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    Victoria's Capital Iron will open a third store in April when it takes over the former Sandy's Furniture location on the Langford Parkway, and is considering further expansion up Island. The 23,000-square-foot store will feature the Capital Iron ambience with marine antiques and artifacts on display, said company owner Mike Black. Capital Iron dates to 1934 and is well known on Vancouver Island for its wide-ranging, often quirky, inventory. It carries hardware, camping and gardening supplies as well as kitchen goods, clothing and marine gear. "We are pretty excited" about the third store, Black said Thursday. "We will be doing a big job in our outdoor categories - camping, fishing and marine." Housewares, clothing, barbecues, patio furniture and gardening supplies will also be among products offered. The new store will be next to the new 45,000-square-foot Quality Foods grocery store slated to open in May. "I think they are going to make a great neighbour," Black said. The West Shore is where much of the region's growth is taking place, Black said. "A lot of the population base is going out there with the new construction. We see that area growing over the years." Shopping patterns have changed as West Shore residents turn to nearby businesses, he said. "We are going to go to the customers instead of asking them to come to us." Between 10 and 15 staff will be in the new store. Capital Iron's staff are largely full-time employees, Black said. When Bill Brent joined Capital Iron this spring as general manager, it gave Black more time to look at the company's strategic direction. The company started searching for a West Shore location in the summer. The new store will be the second largest in the group. The main store, at 1900 Store St. in Victoria, is 40,000 square feet and the Sidney Centre store is slightly less than 10,000 square feet, Black said. Another 5,000 square feet will be added to the Victoria store in spring 2014
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