One of the major frauds that you should be aware of is real
estate fraud. Seniors have often resided in a home
for fourty years and have amassed a fair amount of equity. It
is not uncommon for a con artist to convince you
to buy a smaller townhouse or to rent an apartment . In trying
to convince the senior to sell, the con artist
will cite a high crime rate, falling prices,and the costs of maintaining
the house. He may offer to take the house
off your hands right away, saving you the trouble of finding a
realtor, advertising open houses and waiting for a
buyer. The price he quotes will sound astronomical, compared to
how much you initially paid for the home and
your present income. Most likely the price is far below fair market
value.
What You Can Do
To avoid this type of situation, always deal with established,
reputable real estate firms.
Who to Contact
Real Estate Concil of B.C.
900-750 West Pender Street
Vancouver, BC
Telephone: 683-9664