Buyer Beware: Realtor Scam

ReyP ViP

Member since 09 May 2015

ReyPViP24 January 2018 01:49:15

5509

Buyer Beware. Here is an article and video (Spanish) of a couple that made an offer for a 300k home and gave the realtor the 15k deposit required. After a while, the realtor came back to ask them to up the offer, the couple said they would not and as such that they wanted their deposit back to which they were entitled since the offer was not accepted. They never got their money back. Apparently the DACO office has a long history of schemes from this realtor. Hope they catch the guy, he seems to be on the run. In PR you make an offer with no money and if the seller accepts it, then you put down your 5% deposit and sign the papers. The money is supposed to be put under escrow (by the lawyer) but apparently that is not what happened here. BTW, as a buyer you get to select the lawyer, do not accept the one from the seller, you have the right to close using your lawyer not theirs. The realtor I have been told is from CerroMonte Realty, apparently several other mainlanders have also been taken by this guy. He seems to be targeting mainlanders, so beware.

https://www.telemundopr.com/noticias/As … 86743.html

See also

Renting in Puerto Rico - Guide
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help: recommendation for English speaking realtor ASAP (San Juan) - 12 Replies
Beware of Scams on Clasificadospr.com - 3 Replies
The buyer fees associated with closing on a property in PR - 4 Replies
Realtor needed for client in San Juan - 6 Replies
Realtor Recommendation for Dorado - 7 Replies

scoutvt Active member

Member since 12 September 2017

scoutvtActive member21 February 2018 22:41:30

Here is another buyer beware: tax evasion and illegal?! Yep.

There is a seller in the Aguada area, working with a real estate agent from Rincon, who will pressure buyers into signing the sales contract at a lower selling price (~60% lower than agreed upon selling price) and pay him the difference "under the table”. To top it all off, he also wants 15% into escrow and 15% paid to him directly during the singing of the sales contract. Sadly, the dodgy seller, the unethical agent and the attorney all work together. Needless to say, if the sale doesn't go through, the buyer is out his money!

GuestPoster21098 Guest

GuestPoster21098Guest21 February 2018 23:58:58

Sounds like those people need a visit from Vito (the Crusher) and Vinnie (the Vice)!! Leave a few broken bones with each and those people will think twice before scamming again.

Ya do what cha gotta do!!!!

ReyP ViP

Member since 09 May 2015

ReyPViP22 February 2018 13:17:22

5509

That is why it is important to use your iwn lawyer and to check the credentials and complains against the lawyer and realtor.

Getting an apraisal on the property is also important to make sure you are not paying “Gringo” prices.