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“The White House is for sale?! What the…?”

June 21, 2010

We are living in the golden age of real estate scams. They are all over the place. Recently it was in the news that Redfin posted a listing on their site for the White House – and at $10,000,000 it was quite a bargain! Some scams, like this White House gag, are harmless. Others are outright malicious- you may recall a Craigslist scam from a couple of years ago where an angry family member posted that anyone could come and take what they wanted from the home of the family member they were angry with- and people did!!

The point of the matter is there that are a lot of real estate sites out there that have little to no regulation and people can say and do almost whatever they want and get away with it. So here are a couple simple principles to keep in mind when viewing sites like Craigslist, Owners.com, and other non-brokerage driven sites:

If it’s too good to be true, it’s too good to be TRUE!
Never send money to anyone who can’t physically show you a property or prove that they have the right to sell or rent it.
If something looks fishy, ask a professional to check it out. Real estate agents don’t charge you to look into things (at least they shouldn’t) and you are not obligated to work with the person if you don’t want to.

With these principles in mind you’ll steer clear of most of the scams out there. And that’s one to grow on!

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2 Comments leave one →
  1. June 21, 2010 2:03 pm

    That would be a nice commission for selling the White House though. I don’t know what the comparables are but $10M seems like a bargain though for a house that size with that many ameneties (it has it’s own bowling alley! – not sure if that was mentioned in the listing). That would also look pretty good on a resume. That and selling the Brooklyn Bridge.

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