Martinez Law Center

How to Identify a Phantom Sale in Real Estate Have you ever heard the story about the con man who sold the Eiffel Tower to an unsuspecting buyer? This is an extreme example of a phantom sale – or a sale of real estate or property that the seller has no legal authority to sell. When it came time for the victim of the Eiffel Tower con to claim his “property” the French government stepped and let him know that he did not in fact, own their national monument. Most phantom sale situations are not nearly as dramatic, but they can be devastating to the victims. Often, the purchaser is sold a property with falsified documents. The fraudulent seller pockets the proceeds, and the purchaser is left with a mortgage on a property th]ey do not lawfully own. This scam is often carried out on properties that are unoccupied or abandoned, so if you are considering purchasing a property that has no inhabitants, take extra care and have an attorney review the deed and other documentations of sale. H

Recognize Real Estate Fraud Red Flags Investing in real estate is a significant decision, and should not be taken lightly. Purchasing a home, office space, or investment property is a big deal, and generally requires quite a lot of capital. Unfortunately, there are fraudsters out there looking to con people out of their hard-earned cash, and they often do it through real estate fraud.   If you or a loved one is considering investing in real estate, then make sure you know the most common real estate fraud red flags:   Seller requiring some sort of payment before the buyer ever sees the property. Never part with your money before you have at least been given the option to visit the property you are considering purchasing.  The pressure to act immediately. Real estate transactions can be handled very quickly, but this is not a decision that should be rushed into…especially when a seller is laying on pressure.   A general lack of paperwork or paperwork that has been poorly edited. Make

California Home Builders are Pulling Back. How will this affect the CA housing crisis? Living in Southern California is notoriously Expensive .  Living expenses are high, and Los Angeles consistently ranks among the top ten most expensive cities in the nation. In addition, the state of California has been experiencing a housing shortage for the past several decades. The California population keeps growing, and housing development is not keeping up.   Unfortunately, California homebuilders have recently scaled back in their production of new homes, which will only serve to exacerbate the crisis in the coming years. In the Los Angeles-Orange County metro area, the submitted permits have dropped by 25%, with building permits for single-family homes dropping by 18.5%. This means that there will be even less supply of both rental properties and homes in the coming years. With the California population growing by roughly 0.05% (or more than a million people) every year, it is easy to see