Intent on being more proactive on curbing real estate fraud, the Santa Clara County District Attorney's office is asking members of the Silicon Valley Association of REALTORS® (SILVAR) to be vigilant and report any suspicious activity that might constitute real estate-related crimes.
"You are our eyes and ears out there," Santa Clara County Deputy District Attorney Charles Huang told members of the local trade association, which represents over 4,000 REALTORS® and affiliate members engaged in the real estate business on the Peninsula and in the South Bay.
Huang recently told Silicon Valley REALTORS® that Santa Clara County has stepped up its resources to combat real estate crime. Its real estate fraud unit now has four prosecutors, three paralegals and eight investigators, compared with just two prosecutors, two full-time and one part-time investigators two years ago. The unit has handled more than 88 cases this year and prosecuted 40 cases, which have amounted to about $55 million in losses to victims.
The district attorney's Real Estate Fraud Unit handles cases that involve homes located in Santa Clara County, or if the money in question is paid to someone in the county. The office sends notices warning homeowners of scams, conducts outreach to the community and discussions with real estate professionals.
Huang said if a situation refers to real estate fraud, persons should call the real estate hotline at (408) 808-3787 - not 911. Voicemails left on the hotline are checked daily, complaints are reviewed and investigated promptly.
Real estate is readymade for creating a case because the crime is based on documents, but the investigation can be time consuming and repercussions to victims great. Huang said California is the leading state in mortgage fraud. Still rampant are rental scams forgery, ponzi schemes and "straw buyer" scams that steal the identity of people with good credit and help other buyers get loans. Some scammers create convincing websites that advertise a 99 percent success rate for helping desperate homeowners in need of a loan modification, down payment assistance or legal support services. Scammers often prey on family, friends, especially elderly homeowners.
Here are tips to avoid being a victim of real estate fraud from the Santa Clara County District Attorney's Real Estate Fraud Unit:
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.