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vulnerable if things go south legally. It also should make one question why a contractor can’t pull permits. Unlicensed contractors may also try to use the license of another contractor illegally. Always protect yourself and do your due diligence research on any company you are looking to hire.
MORTGAGE SCAMS
A common mortgage scam is called “bait-and- switch.” With this type of scam, potential buyers get enticed with excellent interest rates and impressive terms. However, once the buyer signs on the dotted line, they are told the terms have changed or no longer qualify for the amazing rates. The buyer is then stuck with less-than-favorable rates, bad terms, or fees. Property owners should also watch out for other well-documented mortgage scams, like reverse mortgages scams. These scammers take advantage of home equity conversion mortgages. Scammers recruit people, typically seniors, and apply for these loans on the senior’s behalf based on inflated appraisals. The homeowner continues to pay the home’s taxes and insurance, but the scammer takes the remainder.
There are other mortgage scams (like equity stripping and foreclosure-related scams). Anyone looking to buy a property should always research their financing options and beware of anything that sounds too good to be true.
BILL SCAMS AND PHISHING
When a person buys a property, they get inundated with an incredible amount of paperwork. Scammers take advantage of this fact by sending people fake bills or sending phishing emails in hopes of getting paid by becoming lost in the shuffle of money going out the door. Always thoroughly read and review any mail or emails you get requesting payment for one thing or another. If you are concerned that
something may be less than legitimate, call your bank or mortgage lender to see if they recognize the vendor.
THE UNINVITED
Much like we referenced above with insurance scams, sometimes people will show up on your doorstep promising great deals on landscaping or roofing. They may say, “Hey, I was just in the neighborhood and noticed that your roof needed replacing,” or “I’m working on your neighbor’s property, and we’re offering a deal for your block only!” Your first red flag should be that a contractor is walking door to door offering work. Contractors “worth their salt” are typically too busy to sell their services door to door.
If a random contractor ever approaches you or rings your doorbell, ask for references. Follow up on whatever references they give you (if they provide you with anything) and do your best to research them. If you suspect something more unlawful is going on, do not hesitate to contact authorities and report the scam.
There will always be dishonest people out there looking to make a quick buck from unsuspecting people. You’ve worked hard to be able to own your home and your other properties. Make sure to use good judgement and conduct appropriate due diligence and thorough research to protect yourself and your investments.
Matt DiBara is the owner of DiBara Masonry based in Los Angeles. He has spent his career serving clients with top-of-the-line masonry work, and he has also become an advocate for property owners through his passion project, “The Undercover Contractor.” Mr. DiBara may be reached at (323) 313-0165 or visit DiBara Masonry’s website at www.dibaramasonry.com.
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AMM1/6 APARTMENT MANAGEMENT MAGAZINE - DECEMBER 2021 19