Wild Lease Scam – Can the Market Get Any Crazier?

I love the real estate market – there’s always a great story to be told, and a new experience to be had. Just when I thought things couldn’t get any crazier, they did. Here’s the story…

I recently represented a young lady in the purchase of her first home. Being a first time home buyer, we were looking at small homes that were financially distressed – we were bargain hunting. We found the perfect home in east Dallas, a 1950’s era 3/2 that was in short sale for about 60% of the value it had appraised for just two years ago. As we toured the home, we could not access the garage – it was locked and the key did not fit. When I later inquired about accessing the garage, I heard the craziest story ever:

After the owner vacated the property, a person we’ll call Joe ConMan noticed that it was vacant. He proceeded to pose on the internet as the owner of the property. He entered into a lease agreement with a unsuspecting young couple, newly married with a small child. He collected the first month’s rent and the damage deposit. On move-in day, the Tenant could not get access to the house. Joe Conman has the Tenant call a locksmith, and then meets them at the property. He cons the locksmith into believing that he is the property owner, gets him to open the house, and then leaves – vanishing to never be seen again.

The Tenant begins moving into the house when a neighbor comes over to investigate. Having not seen either the owner or the owners agent, he calls the listing agent to confirm that the house had been leased. A very surprised listing agent then called the police. The Tenant was forced to vacate the property, and lost the damage deposit and rent they had paid to Joe ConMan.

I learned a couple of lessons from this story. First, get to know the neighbors around your listings, especially if they are vacant. The actions of a consciencious neighbor kept this situation from getting any worse. Second, keep a close eye on your vacant property listings – you never know when something crazy like this might happen to them.

Bike SAFELY in Dallas

There is an existing bike trail that circles White Rock Lake in east Dallas. This trail extends north from the lake along White Rock Creek all the way to LBJ Freeway and Hillcrest Road. The Santa Fe Trail has recently been improved. White Rock Lake is now linked by a bike trail all the way to Fair Park (be forewarned, the Santa Fe Trail ends in a cluster of warehouse buildings about a block from the entrance to Fair Park). Here’s some additional info on the Santa Fe Trail