Protect Your Nest Egg from Quick Cash Offers

Visiting grandparents bend and kneel to hug grandchildren

The Division of Real Estate recently issued this consumer advisory – “Take 5 to get wise and learn how to protect your real estate nest egg.”

Colorado residents owning a home for 20 years or more are being targeted for the equity in their property. An offer may include a cash transaction, a quick sale, no inspection, and the freedom to leave your problems behind.

In Colorado’s hot real estate market, a lot of homeowners might not know the market value of their property, which is what unscrupulous investors want. They are trying to drive down your property value with misleading and confusing information. Their goal is to make a profit by turning around and selling your property at true market value.
This can happen to anyone because people who perpetrate fraud are good at what they do – separating you from your money.

Protect your nest egg when considering an offer on your property:

  • Go to www.dora.colorado.gov/dre to research licensed professionals.
  • Go to your local county government website and look up property values for you and your neighbors.

Other tips to protect your nest egg when considering an offer include:

  • Be wary if you weren’t thinking about selling.
  • Always keep someone you trust in the loop.
  • Do research on real estate brokers working in your neighborhood.
  • Always seek legal advice.
  • Know the value of your property and understand the motivations of why an investor wants to buy your property.

By taking a few steps you can protect your home, your finances and your future. If you have questions, please contact us.

The First Step to Any Home Sale is Staying Safe Yourself

realtor safety
The Colorado Division of Real Estate’s investigators were notified of recent instances of someone pretending to be a buyer and trying to bait and lure real estate brokers into meeting, under the pretext of wanting to look at homes for sale, and then acting inappropriately.

In one reported instance, the individual profiled and texted/emailed female brokers stating that he is a qualified buyer and forwards them a fake loan pre-qualification letter in order to get the broker to send him information and to set up a private meeting or home showing. It is important to not let your guard down at any time, even when it appears that a potential sale is coming your way.

  • Make sure that you take steps to protect your safety before you meet with a potential client.
  • Ask to see, review, and get identity information from their government-issued ID.
  • Have them fill out an information form (name, address, phone #’s, government ID, vehicle info, etc).
  • Meet any potential client first in the office or safe public location before agreeing to a private showing.
  • Go to a private home showing with a co-worker present.
  • If you do go alone to a showing, make sure that at least a personal contact and your office know of your whereabouts.
  • Do not drive with the potential client to a showing. They should drive themselves and meet you there.
  • If you are contacted by someone in an offensive or obscene manner, contact local or county law enforcement to report the incident.
  • If you are suspicious of the person, go with your instinct and pass on any meeting.

    These are only a few tips to help you be safe when meeting a potential client for the first time. The Division recommends that you also consider taking a real estate broker safety class.