Real Estate is a love and hate relationship. We all love it when it’s up and hate it when its down. This time of year inventories may be lower as several seasonal residents have come back to Arizona to rent or purchase a home. This can prove to be both beneficial and frustrating at the same time to both parties. But worse than frustration is all of the scams that target our Elderly and others that may not be able to protect themselves.

Real Estate and the Elderly

Here are some tips and advice that you can be on the watch out for, and avoid, when working with ALL of your clients.

Ambiguity
An “agent” who doesn’t answer questions directly may be a scammer. Being vague about the buyer, what real estate company they represent, or why the buyer doesn’t want to look at the inside of home are all red flags and means the deal is very likely a scam.

Pressured Decision Making
The “agent” has a valid-looking contract in hand – all it requires is the elder’s signature, right away. The reason for an immediate decision is typically tied to the other red flag – the out-of-town buyer is ready to leave.
To protect the elderly from real estate fraud, here are two other strategies:

Put Assets In A Trust
The best way to prevent elders from any type of scam is to ask them to put their assets in a trust. That way, the elderly are no longer personal owners of that asset. As an example, an 85-year-old might sign a contract as an individual to sell his home under duress. However, if the property is in trust, the trustee must be the party to sign the contract for sale in order for it to be valid and binding.

Keep Open Dialogue
If a caregiver or family member has regular, open communication with the elderly, frauds can be prevented. Ask your elder to never sign anything or give any personal information, such as a social security number or credit card numbers, without calling a family member first.

As always, use your best judgment in all of your transactions; and ask yourself “How would I handle this for my parents?”
Stay safe and make lots of money!

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‘Safety Nick’, as he is affectionately known, is the owner and operator of Home Hazard Prevention, LLC (HHP).  As a professional firefighter in the Valley since 2005 with an extensive background in responding to and preventing emergencies, Nick felt that it was time to help the citizens of Maricopa and Pinal Counties learn how to be safe and protect their loved ones in a proactive manner.  In 2012, HHP was launched.  With the support of his wonderful (and understanding!) wife and two beautiful children, Nick works tireless hours, not only to help save your family’s lives, as a firefighter and a community safety expert, but also to be able to spend quality time with his family.  Nick moved to Arizona over 20 years ago and enjoys exploring our great state with his family.

Be sure to contact Home Hazard Prevention for any of your family or business safety needs. From mobile CPR training to car seat education to infant safety (and much more!) HHP is here to help! Remember, a complete safety program does not have to be expensive or time-consuming. There is no one more qualified than a group of professional firefighters to keep your family safe! (480) 448-0266 or [email protected]

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