This Colorado real estate scam affects everyone! Whether you bought a condo, farm or multi- million dollar residence you could be duped by the latest Colorado real estate scam.
You closed on your new property a month or so ago. Still giddy with excitement and maybe still a little dazed from all the signing that went on at the closing table too, you may or may not remember what copies of documents you were given on the way out the door. This is what the RE scammers are hoping for! They are hoping you forget what you already have. They try to convince you that you need a copy of a document. And perhaps the worst part of the Colorado real estate scam…. They attempt to convince you into paying $85 for a piece of paper!
Which Document?
The Warranty Deed
The Warranty Deed was not signed by you, the Buyer. It was drawn up by the title company, then it was reviewed by the Buyers Agent and the Seller’s Agents and signed by the Seller. This is the document that transfers the title from the Seller to the Buyer and tells us for how much money.
In your packet of documents you left closing with, you have a copy of the warranty deed. The original is kept (for now) by the closer. It will be publicly recorded, then returned to you, the Buyer, via mail in a few weeks. Do you need to keep this document handy? Not so much! Because it is recorded publicly it really doesn’t matter if you lose it and if you ever need a copy (unlikely), its easily obtainable again.
…Fast forward a couple of weeks and you open you mail to find what initially appears to be a good offer: Some enterprising individual has taken it upon themselves to contact new home owners and, for a price of just $85, is willing to do the very hard work of finding a copy of your warranty deed and sending it to you! (They will get this Colorado real estate scam out to you fairly quickly… Before your original is sent to you by the title company.)
Colorado Real Estate Scam Alert!!!
Buyers, you don’t need a copy of your warranty deed! Closing was expensive enough. Save the $85. If you can’t find your copy and feel you would like to have one anyway, contact your Buyer’s Agent for a copy or simply get yourself over to the Clerk and Recorders office to request one (for a nominal fee of maybe $5).
Personally, I run a 100% paperless office. All my client files are digital, easily accessible and backed up online. In 2 mins flat I can track down any document I have that the client might request and it can/will be emailed out, FOR FREE!
2013 has been a particularly bad year as far as this Colorado Real Estate scam goes. A quick Google search tells me that Colorado is far from the only state where Buyer’s are being offered this “service”. At first I worried that my clients were going to be ripped off after closing. Then I realized that they were smarter than that… if in doubt, they called me. Yes, some got multiple offers and called multiple times.
My pleasure, glad that they trusted me and very glad that they turned to me first. That is what Im here for… long after closing. It’s my pleasure to keep adding value!
I now warn the buyer about this Colorado real estate scam at the closing table, around the time we are casting an eye over the Warranty Deed. 🙂 It is much better than waiting for the inevitable call about the letter, or worse the call after they paid the scammers $85 for a copy, then find it in their closing documents.