In The News
This scam is the rental market equivalent of catfishing’
How to protect yourself against real estate fraud.
By Dylan Dhindsa Globe Correspondent,Updated February 27, 2022, 12:00 a.m.
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In December, a Quincy real estate broker pleaded guilty to two counts of wire fraud and two counts of aggravated identity theft. The state says he stole nearly $2 million in real estate deposits and through scams such as marketing properties that weren’t for sale, cashing more than 60 checks between 2017 and April 2020.
To avoid schemes like this, it’s important for consumers to recognize the signs of real estate fraud.
It can take many forms.
Rachel Foy, broker/owner of Hillman Homes in Newton, said one of the most common scams home shoppers face is a faux listing: when scammers use the information from a legitimate listing and pose as the real estate agent on Craigslist or another online platform, tricking people into sending them down payments or security deposits.
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“This scam is the rental market equivalent of catfishing, and while it’s not new, we want the public to be aware of the increased risks during the pandemic,” Maura Healey, Massachusetts attorney general, said in an online statement in 2020.
Healey’s office told the Globe last week that it has received several such complaints, but despite the shift to virtual tours early on in the pandemic, there has not been an increase in real estate fraud overall, even though it is easier for con artists to scam prospective buyers with no face-to-face meetings.
The attorney general’s office calls for “inspecting an apartment carefully before signing a lease or paying a deposit.”
Another common scam relates to phishing and wire fraud. Scammers intercept e-mails intended for buyers or renters and tell them to wire the money elsewhere or through a different method, often citing technology issues, Foy said.
Jilliene Helman, CEO of RealtyMogul, a crowdfunding investment platform, said that buyers should always verify instructions when wiring money and that those instructions should never come via e-mail. Helman said her company uses a secure website and phone calls to ensure that the money is going to the right place.
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On its website, the attorney general’s office advises consumers never to “send a wire transfer, cashier’s check, or funds transfer to someone you’ve only met online” and not to “disclose your Social Security number or PayPal information to someone you’ve only met online.”
Foy agreed: “Never send money or sign a contract having [had] your whole conversation over text or e-mail. You really want to make sure ... you’re talking to the right person.”
There are other red flags buyers and renters should be aware of before making payments to anyone, the attorney general’s office advises, including poorly written ads and requests for cash payments, which aren’t traceable.
Helman said renters and buyers also should be extremely careful about unrealistic prices and great deals. “The market’s really hot right now, and it’s hard to find a true deal in a market like this,” she said. “So, if you think you’re getting a deal that’s too good to be true, it probably is.”
She also warned against sellers who pressure buyers to rush into a transaction. It can be concerning “if someone’s pressuring you to do something and you don’t have the ability to read the documents, and slow down, and make sure that the T’s are crossed and the I’s are dotted,” she said.
Home shoppers also should be on the lookout for unscrupulous agents, including those who ask clients to pay them upfront to work with them. “Many people don’t understand how agents get paid, but when it comes to the sale of a home, the seller takes care of both the selling agent’s fee and the buyer’s agent’s fee,” said Seema Layne, a partner on the Kaufman Realty Team at Keller Williams Boston Southwest.
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Layne recommends using Mass.gov to verify an agent’s credentials and license. This can reduce the risk to the buyer or renter.
“One of the things I like to do is my own callback,” Helman said. “If they call me at the property management firm, [I’ll] say, ‘Hey I’ll call you right back.’ I look at the number on Google for the property manager ... and make sure that it’s the same company.”
First-time home buyers and young students looking for their first apartments are especially vulnerable, Layne said, so even though it isn’t required, it’s helpful to seek legal counsel. Talking to real estate attorneys and reviewing the documents of a purchase with them is money well-spent, Layne said.
If you believe you are being scammed, or you are a listing agent who suspects fraud, the state urges you to report it to Mass.gov.
“Ensuring that our residents have access to safe and reliable housing is a priority that has always guided the work we do in my office. Whether that means advising consumers about how to protect themselves against apartment leasing scams, or taking action against fraudsters who prey on individuals looking for a home to raise their families, we will continue to advocate for our residents and make sure they are not being taken advantage of or left without housing,” Healey’s office said in a statement.
Boston, MA
Supersize Me! Here Are the Metros Where Buyers Are Clamoring for Big Homes Again
By Elena Cox | Mar 15, 2021
Not long ago, it seemed just about everyone was obsessed with the tiny-home trend. So cute! So teensy! People were wondering: Just how small can a home get while still being cool and remotely functional? Well, we may never find out. Because, as with many things in the past year, the coronavirus pandemic has turned the “less is more” mentality on its head.
Now, bigger is definitively better again when it comes to houses. In these postlockdown times, home buyers seem desperate for more space, whether for a big yard, a dedicated home office or two, maybe a homeschooling area, home gym, or an extra bedroom or three. Palatial abodes are topping most buyers' wish lists.
Even the long derided McMansion—those oversized, column-bedecked, architecturally confused totems of the ostentatious '80s and '90s—are ultrahot again. It's true!
Large homes, clocking in at 4,000 square feet and up, were selling faster in more than 70% of the 150 largest metro areas in February compared with the same month last year. The realtor.com® data team set out to find which metropolitan areas have the highest percentage of supersized residences up for sale, so buyers can revel in all that extra square footage.
We looked at the 150 largest metros with the highest percentage of single-family homes measuring 4,000 square feet and more on the market in February. (For perspective, the average square footage of a new single-family home was 2,500 in 2020, according to U.S. Census data.) We also limited our list to one metro per state. Metros include the main city and surrounding towns, suburbs, and smaller urban areas.
One massive caveat: There’s no way to separate large, tasteful homes from the more garish McMansions in our data. They're all part of the burgeoning mammoth-home mix! Tread carefully.
So which are America’s housing markets with the biggest cribs, and why? Let's take a look.
1. Boston, MA, Median list price for homes 4,000 square feet and above: $2.2 million
In the Boston area, once high-in-demand townhomes are struggling to sell as buyers look for more space.
Because of travel restrictions, more people are making their homes do triple duty: as home, office/school, and vacation retreat, says Gary Kaufman of Keller Williams Realty in the Boston suburb of Needham, MA. He has a home under contract that has an indoor golf simulator and a refrigerated ice rink.
Still, Kaufman says buyers are prioritizing square footage over extravagance.
“The McMansion trend was really about showing off, keeping up with the Joneses,” Kaufman says. “Because of COVID, it’s now more about getting that space.”
Kaufman's clients are looking just about anywhere they can find large homes, but he says the MetroWest area, about 20 minutes from downtown Boston, is most popular. It includes the suburbs of Needham, Wellesley, and Newton.
Top Needham Agent Feature
The industry is fast-paced and so is Seema Layne. Seemas goal is to use her industry experience, connection, and negotiating skills to help her clients accomplishing their goals. Seema is a top producer in Needham and surrounding towns. Her coverage area is Needham, Newton, Natick, Wellesley, and Framingham. She has also sold home in other… ( Read Full Article and Bio) 150 West St, Needham, MA, 02494