My Dad always told me that if something seemed too good to be true, it was probably not true. This simple piece of advice has kept me out of many sticky situations. I just received an e-mail from the Texas Real Estate Commission (TREC) warning the public about real estate brokerage scams in the DFW area. I felt compelled to pass the warning along. It is very easy to find out if a person hold a license from the Texas Real Estate Commission – you can look up any persons license number by following this link.
Here is the beginning of the warning message from the Texas Real Estate Commission:
The Texas Real Estate Commission Standards and Enforcement Services Division (TREC) has received complaints against a group of individuals and companies that have been doing business in the Dallas/Fort Worth area. The individuals and companies named in the complaints represent themselves as real estate agents and real estate brokerage companies but do not hold Texas real estate licenses. Owners of real property, tenants, buyers, and investors claim to have lost large sums of money related to the group’s real estate schemes. Among other things, the complainants allege that the group takes and keeps deposits for properties over which they have no authority or no control. They allegedly do not pay rent to property owners on property they claim to manage for those owners, or take large security deposits from tenants and then keep the money. They take deposits or earnest money on properties that they claim are available for a short sale but in reality are days away from foreclosure. Apparently, much of the solicitation of potential victims has been conducted through www.craigslist.com.
For the full article, click here.