Question: We gave our 30 day notice on Wednesday to our rental apartment. Yesterday we learned that our apartment had been rented, without our being able to see it, during the weekend.
Today our buyer’s agent made an urgent call. We are facing a significant problem with the house we are purchasing. A neighbor alerted authorities, revealing that the incapacitated seller’s true successor trustee lives out of state. The eldest son is the rightful successor trustee, while the adult younger brother posing as such is a clear case of fraud. We are currently in a purchase agreement with the adult sibling of the fraudster.
This must have happened to other unsuspecting buyers. If so, what now? Where do we go from here?
Answer: Find out which neighbor called the authorities. This neighbor must know the identity of the adult son. Your buyer’s agent or seller’s agent should make contact as soon as possible.
The adult son, the true successor trustee, can offer to sell the family home at the same price and under the same conditions. As ready, willing and able buyers, the true successor trustee will come to town and take over his parents’ affairs. This could work in your favor. Be prepared for any scenario.
Scott Heisey, manager of Northern California title operations for Stewart Title of California, Inc., is making the rounds as a sought-after speaker on escrow and title red flags. Detecting questionable actions of family members and others during a home sale or refinancing is his specialty.
Title Officer Heisey jokes about the elderly: “We’re creating new ones every day. » He adds: “But it’s really true because this demographic, instead of contracting, is increasing because people are living longer. And so it’s an interesting thing. This is because they live longer. We are seeing more financial abuse against them.
Studies across the United States show that family members are the most common perpetrators of financial elder abuse. Complete shutdown. For example, the USC Keck School of Medicine cited its study in a 2019 press release by Wendy Wolfson titled “Study: Financial exploitation of seniors by family members is more common than scams by foreigners”. Click here to find out more.
You can learn more by watching my YouTube interview on spotting home sale problems titled: “Navigating Home Sale Hurdles: Expert Insights From Scott Heisey, Stewart Title VP.”
For housing market data in your area, visit my Trends webpage here. Do you have questions about selling or buying a home? Full-service real estate agent Pat Kapowich is a Certified Trust and Probate Specialist, a Certified Real Estate Brokerage Manager, and a career-long consumer protection advocate.
Realtor Pat Kapowich, Kapowich Real Estate is based in his hometown of Sunnyvale, California.
Office: 408-245-7700; Broker #00979413 Pat@SiliconValleyBroker.com
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