renters (2)

REO's FOR RENT?!?!

I just had to share this.

 

I had just gone to the post office to pick up my mail in the morning, after that I was on my way to my office. When all of the sudden a block away from there, I see an attractive For Rent sign.  It read, "House for rent, 3bed 1 bath and 2 car garage, for $1,100 a month" Considering the area, and the features of the house it seemed like a very good deal. I wanted to rent it myself. Right away I called the number, and the man who answered wouldn't give me the address of the house. He told me that he'll tell me the address when he get's to the house in 15 mins.  He called me and showed me the house, the house was near by. When I saw it, I was impressed; the house was in great condition. I told the guy that I wanted it, but he wanted for me to give him cash, cashiers check or money order. I made an appointment with him, at the end of the day so I can show it to my wife, to see if she liked it too. Also to give him the money.
 

I was still thinking of the house the rest of the day, but I saw that it had combo lock boxes, and an electronic box keys that Real estate agents use, but not a for sale sign. He had told me that they were there for other agents to show it and rent it. Still when I got home, I logged on to the Home Search system and looked it up. Turns out it was For Sale, I called the listing office and they said: IT'S NOT FOR RENT, IT'S AN REO LISTING". Man I was so mad. I told the listing office of the situation, so they put a for sale sign back on right away the next day. The guy wanted to scam me for my money!!!!  He wanted first months rent, last months rent and $1,000.00 for cleaning deposit. That was a total $3,200.00. I got to be careful next time.


Now, this is one of the first things I tell people who are looking for a house to rent. Be aware.


After that, 3 weeks later, one of my clients calls me and tells me to look up an address for him, to see if the house was for sale. I looked it up and it was for sale! Then I noticed his his reaction. He said, the house only had the post, but not the for sale sign, and that he had given $1,800.00 cash to rent this house, to this man that showed him the house, they didn't do a contract or got his information, they just did a verbal agreement for the mean time and a contract later. So this guy just got the money and disappear, so he got away. My client tried calling him but hi's number all of the sudden got disconnected. TOTAL SCAM ARTIST!!


Now, I'm advising all my clients, renters, friends, realtors and also REO agents,  about these scams, BE CAREFUL OUT THERE.

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There's a New Score In Town

Big news in the credit score arena. Credit reports are getting an important new addition-apartment rental scores. This is great news for renters or people who wish to establish a positive credit history and good credit score. Experian is the first of the big three credit bureaus to include this data, adding millions of apartment rental accounts to their credit file database in December 2010.
For decades, the only time apartment rental accounts would show up on credit reports was if you were in collections or had been evicted. Experian acquired RentBureau, the company furnishing the apartment rental data, exhibiting its willingness to step outside of the financial services comfort zone. This is significant as anytime something new is added to a credit report, the provider of the data is exposed to potential liability and Fair Credit Reporting Act obligations.
According to Brannan Johnson, VP and Managing Director of Experian RentBureau, this was no easy task, “We did it as soon as we could. It took a lot of time and effort to load the data to the Experian database and go through legal and compliance reviews. Our goal for quite some time has been to expand the breadth of the Experian credit file. For many consumers their rent represents their largest monthly obligation. The rental data provides the first account on many consumers’ Experian files.”
This creates a credit file for many consumers. One third of the consumers in the former RentBureau database had no Experian credit file, or at best they had a thin credit file. Like it or not, people are much better off having a credit report than not having a credit report. A credit report is essential for doing business with mainstream lenders and having access to more credit at better terms.
The apartment accounts will be updated monthly by Experian, just like mortgage, auto and revolving credit accounts. If a consumer wants to dispute the accuracy of one of the rental accounts, the same protocol for disputing accounts will apply. Experian won’t add negative rental history until 2012.
FICO says they won’t include the rental accounts in their scores until they’ve had the opportunity to fully evaluate the predictive nature of the information.
So, here’s the round-up. An improvement in credit scores for the majority of renters, access to better credit at better terms and an important first step in building a strong credit score
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