Beware of Property Management Scam

Member Alert – Property Management Scam

Recently, FAAR was notified of a concerning scam.

The scam works as follows. A listing firm in Tidewater had three homes listed in the MLS for sale. Multiple callers contacted the listing agent to discuss rental terms for these listed properties. When asked where the callers learned about the properties, they replied that a person from Texas contacted them with a proposed deal: You send a deposit to Texas and we will immediately send you the keys to the rental unit.

Apparently, the listing information was scraped from a non-MLS aggregator website and advertised for rent. The FBI and police were notified.

Real estate scams have become increasingly common, especially with property management. Please click the link below to view a terrific video from the National Association of Realtors® on property management scams and how to protect your clients:

http://www.realtor.org/videos/how-to-protect-your-property-listings-from-rental-scams

If you have any questions about this scam or to report another one, please contact VAR Legal Staff at (804) 264-5033.

Realtors Property Resource Economic Reports Ideal for Commercial Real Estate

The Realtors Property Resource (RPR) has a great tool for commercial real estate in their Local Area Economic Reports.  The economic report can drill down into a specific geographic area by zip code, county/city designation, or by customized area.  The report includes very detailed demographic information about the population of the area including median income, household wealth, home price, education level, and family size and makeup, just to name a few.  These reports can help with marketing a certain area or assisting a client with assessing business prospects. 

Have a business that targets their product to young families with high income?  An RPR profile can help you show with hard data that the demographic exists right here in Fredericksburg in high numbers.  These reports are free for members and extremely easy to use.  Once generated, the report can be turned into a pdf for easy sharing and embedding in documents and presentations.  Here is an example of what an RPR Economic Report looks like:

RPR_example

Want more information about the RPR and how you can sign up?  Visit the RPR today at https://www.narrpr.com/

President Obama Signs Flood Insurance Bill

On March 21, 2014, President Obama signed into law the “Homeowner Flood Insurance Affordability” amendments to the 2012 Biggert-Waters law:

  • Repeals the property sales trigger requiring that buyers immediately pay the full-risk premium rate at the time of purchase.
  • Restores “grandfathering” of rates under flood zones when properties were built to code.
  • Limits future increases to 18% annually for most properties built generally after 1975 and 25% for the older properties until they are paying full cost for flood insurance.
  • Refunds any premiums paid by property owners in excess of 18-25% increases.

This represents a dramatic departure from earlier versions that would have “paused” increases until FEMA reported on affordability. As enacted, the bill hits the “reset” button back to pre-2012 levels and caps all increases going forward. To make up revenue, a small assessment is added to all NFIP policies until property owners are paying full cost for flood insurance.
While going further in making permanent changes to law and providing refunds, the bill also allows 8-16 months for FEMA to issue the regulations to implement these changes. Most property owners will not see these changes reflected in rate quotes and insurance renewal notices right away.

[Note: This summary is for informational purposes only. It is not intended to be legal advice or relied upon in connection with a real estate transaction without consulting legal counsel.]

Click here to read the entire issue brief prepared by NAR.

Help Support Josh Hardy and his family!

For those that have been following the heart wrenching story of Josh Hardy #Savejosh, we wanted you to know that his father is an agent at Keller Williams Fredericksburg.

Todd and his family have spent several months at St.Jude’s Hospital in Memphis.

KW Fredericksburg has set up a Go Fund Me site with a goal of $5,000.  Every little bit helps his family deal with the mounting costs associated with his care.  Click here to make a secure donation at the Keller Williams GoFundMe site. 

If you would like to send a letter of support, please send it to

#SaveJosh

c/o Mark Geslock

Keller Williams Realty

302 Westwood Office Park

Fredericksburg, VA 22401

Save the Date! Fredericksburg Main Street Vision Meeting

Monday, March 24th 6:30pm to 8:30pm
Free Lance Star Community Room

Hello Fredericksburg,

This is a critical step for Fredericksburg Main Street Initiative! Virginia Main Street will be the facilitator for the evening.  Our vision  will be used as the one of our criteria in moving forward with Main Street 4 point approach  and projects for Fredericksburg Main Street Initiative.
Our goal is to have a cross section of our stakeholders: business owners representing the restaurant, retail and service, business property owners (large and small), residents (owned and rented), shoppers of downtown, city officials and other organizations.
Homework assignment: Please come with ideas in hand,

  1. Think about your vision of The Future of Fredericksburg through the 5 Senses. What will downtown revitalization success look, sound, smell, and taste like in the future?
  2. Why is downtown Fredericksburg special to you personally?
  3. How do you wish downtown Fredericksburg were better?
  4. What will downtown revitalization success feel like emotionally?
  5. What do you want downtown Fredericksburg to be known for in ten years?
  6. What activities and businesses do you hope to enjoy downtown in ten years?

PLEASE RSVP by phone or email info@fredericksburgmainstreet.org so we can have head count!  If you are unable to come, please send your comments to info@fredericksburgmainstreet.org,  talk to one of the Board members or Ann Glave prior to the meeting.

 

Our Contact information!
Ann Glave, Executive Director
Fredericksburg Main Street Initiative
904 Princess Anne Street, Suite 303
Fredericksburg, VA 22401
info@fredericksburgmainstreet.org
Office: 540-479-1595
Mobile: 540-538-7445