How to Avoid Moving Company Scams

Here are some “red flags” from www.ProtectYourMove.gov when you need to hire a moving company.

Rogue movers typically work like this: Without ever visiting your home or seeing the goods you want moved, they give a low-ball estimate over the phone or Internet. Once your goods are on their truck, they demand more money before they’ll deliver or unload them. They hold your goods hostage and force you to pay more—sometimes much more than you thought you had agreed to—if you want your possessions back.

No inspection

• The mover doesn’t offer or agree to an on-site inspection of your household goods and gives an estimate over the phone or Internet—sight-unseen. These estimates often sound too good to be true. They usually are.Payment first
  • The moving company demands cash or a large deposit before the move.

  Your rights and responsibilities when you move

  • The mover doesn’t provide you with a copy of “Your Rights and Responsibilities When You Move,” a booklet movers are required by Federal regulations to supply to their customers in the planning stages of interstate moves.

  No local address, license or insurance

  • The company’s web site has no local address and no information about licensing or insurance.

  Mover claims

  • The mover claims all goods are covered by their insurance.

  No company name

  • When you call the mover, the telephone is answered with a generic “Movers” or “Moving Company,” rather than the company’s name.

  Office conditions

  • Offices and warehouse are in poor condition or nonexistent.

  Generic rental truck

  • On moving day, a rental truck arrives rather than a company-owned and -marked fleet truck.

When You Buy a Home – Who’s Your Friend?

One of the most misunderstood aspects of buying a home is “does the real estate agent REALLY represent you, the home buyer?”

Yes, you do have the right to ask an agent to solely represent you. Here are some FAQs as to what’s involved and why you should consider it when buying your next home, second home or investment property.

1. What does Buyer Representation mean?  The real estate agent represents your interest.  They are required to be loyal, accountable and not disclose any information about you that you don’t want the seller or the other real estate agent to know.

 

1. Should you call the agent who listed the house for sale?  You may, but they are representing the seller—not you—and their responsibility is to get the highest price and the most money for the seller.  You will also have to sign a piece of paper stating that you are aware that the real estate agent will be representing both of you, and will do their best to be fair and honest.

1. Will you get a better deal if you work with the listing agent?  Some people think since the real estate agent would be getting all the commission when working with both the buyer and the seller, that the listing agent will negotiate a better deal.  The bottom line is that if the seller doesn’t accept the offer, or if you, the buyer, won’t counter with another price, it’s out of the agent’s control and the sale does not happen.

1. Will they only show you listings that are in the MLS?  An agent who represents buyers not only can show you properties listed for sale through the Multiple Listing Service, they can also contact For Sale by Owners.  If there is a home you’d like to buy, but it’s not for sale, they can knock on the door for you and ask if they would consider selling it to you.

1. How much does it cost?  Over 99% of the time, the seller still pays the real estate commission.  There are extremely rare times where the seller may not agree to pay the commission, but you will know ahead of time if there are any issues.

1. Do you need to sign anything?  Yes, there is an agreement called the Exclusive Right to Represent the Buyer, and it outlines what my duties are and my responsibility to you.  It lets the seller and the real estate agents know that we have an exclusive relationship and if they tell me something about the property, or the seller, or any other information, I have the duty to tell you.  You will usually have to sign it for a period of time—but that too is negotiable between you and the agent.

If you are thinking of selling your home, contact me and I’ll recommend several great listing agents.  If you are thinking of buying a home, I also know of many great buyers’ agents that I can recommend to you. Talk with you soon! http://www.utahsmortgageguy.com

The Mortgage Acts & Practices Rules are in effect as of August 19, 2011

When you run an ad, or even mention mortgage terms, you must not only comply with Reg Z rules, you must comply with these, too.First of all, here are the types of advertising/marketing that are outlined in the Act.  The Fed’s call it “commercial communications” and it means…

• Any written or oral statement
• Illustrations such as charts and graphs
• English or any other language
• Labels
• Packages
• Package inserts
• Radio
• Television
• Cable TV
• Brochures
• Newspaper
• Magazines
• Pamphlets,
• Leaflets
• Circulars
• Mailers
• Book inserts
• Free standing inserts
• Letters
• Catalogue
• Billboards
• Posters
• Public transit cards
• Point of purchase displays
• Film
• Power point slides
• Audio transmitted over the telephone
• Telemarketing scripts
• On hold scripts
• Upsell scripts
• Training materials provided to telemarketing firms
• Infomercials
• Internet
• Cellular phones/networks
• Webpages
• Email
• Direct mail
• In-person sales presentation

…anything else considered “commercial communication.

If you have mortgage questions, I am here to help. Simply contact me and I will be happy to get back to you with your mortgage questions and needs: http://www.utahsmortgageguy.com

Protect Your Clients From the Latest Loan Modification Scams!

You are the trusted real estate advisor so it’s likely that past clients will contact you when they are struggling with their mortgage payment or have received information in the mail on loan modification or avoiding foreclosure.  Here’s some information on the latest scams out there:

Phony Counselors – Scam artists present themselves as “counselors” who will negotiate a deal with the lender IF the borrower pays a fee first.  Some scammers even require that all the mortgage payments be made to them while they negotiate on the borrower’s behalf.

Fake “Government “ Modifications – Scammers will claim to be approved or affiliated with the government.  Their documents and website will use terms like “federal” and “TARP”.  They will claim a fee is necessary to use the modification program.  Borrowers should call their lenders directly to find out if they qualify for a government loan modification.

Bait and Switch – The scam artist tells borrowers that by signing loan modification documents the existing mortgage will become current.  What the borrower is really signing surrenders title to the scammer in exchange for a “rescue loan”.

Rent-to-Own or Leaseback Schemes  – Scammers tell borrowers that if they will surrender title to their home that they can stay there as a renter, and then buy the home back in a few years.  The scammer then raises the rent over time to the point they can’t pay.  The scammer evicts the borrower and sells the home.  Another variation is when the scammer has the borrower sign over title and move out.  They promise to find a buyer for the home and share part of the profit once the home is sold.  What really happens is that the scammer rents out the home, never making the mortgage payments and lets the lender eventually foreclose, while they walk away with all the rent money.

Bankruptcy to Avoid Foreclosure – The scammer promises to negotiate a refinance with the lender for a fee.  He pockets the fee and files a bankruptcy in the name of the borrower without the borrower’s knowledge to temporarily stop the foreclosure process.   The borrower thinks things are going well because the collection calls stop.

If you have mortgage questions and want to discuss them with a professional, contact me today so I can assist you with your mortgage questions and need: http://www.utahsmortgageguy.com