Be On The Lookout For Cyber Scams

Cybersecurity threats are causing concerns among real estate professionals, tours are set this month for Nance House and The Gaston Bed & Breakfast, and “double agency” is causing confusion for buyers and sellers, all in this week’s roundup of real estate news. Cybersecurity threats are causing concerns among real estate professionals, tours are set this month for Nance House and The Gaston Bed & Breakfast, and “double agency” is causing confusion for buyers and sellers, all in this week’s roundup of real estate news. Cybersecurity threats are causing concerns among real estate professionals, tours are set this month for Nance House and The Gaston Bed & Breakfast, and “double agency” is causing confusion for buyers and sellers, all in this week’s roundup of real estate news.

Be On The Look Out For Cyber Scams

Wire fraud scams, unsecured WiFi, outdated software, lack of data policy, weak passwords, phishing emails, and scammers posing as real estate professionals are shaking up the industry.

The National Association of Realtors is on the case, publishing articles to raise awareness and let you know what you can do to protect your business.

One such article – “How to Thwart 6 Hacking Threats” – offers specific suggestions for each scam.

For example, “before settlement of the transaction, hackers may send your clients an email that appears to originate from you or the lender and contains directions for wiring their down payment funds,” Melissa Dittmann Tracey writes. “Unsuspecting clients who follow the directions often lose their funds permanently; hackers can make the money trail untraceable in mere minutes. Security experts urge real estate pros to post warnings about such a wire scam to their email signatures and address the threats face-to-face with clients.”

Source: Realtor Magazine

Open Houses Planned Feb. 26 for Nance House, The Gaston Bed and Breakfast

Two gorgeous homes are open for tours and history briefings at 6 p.m. Feb. 26.

Tours will be offered by owner siblings Liz and Mike Nance at Nance House, 4722 Gaston, and The Gaston Bed & Breakfast, 4802 Gaston.

Nance House was built in 1915 and is a 2019 Preservation Achievement Award winner. It was used in the 1930s as a boarding house and later was subdivided into apartments. The current owners restored it to a single-family home.

The Gaston Bed & Breakfast also was restored to a five-bedroom facility with a large dining room and event space.

Reservations are required and open to the public. Admission is free to members of Preservation Dallas and $20 for nonmembers.

To make a reservation for the Feb. 26 tours, click here.

Real Estate Disclosures Cause Confusion Among Buyers And Sellers

A Double-Oh-Seven may be lurking in our midst, and it’s not James Bond.

A recent report from the Consumer Federation of America concluded that real estate disclosures about agent representation “are often complex and legalistic, lack important information, are not timely, and are not understood by many home sellers and buyers.”

Referred to as “double agency,” a practice exists in which sellers and buyers do not understand whose interests their agent represents, leaving them in a financially risky position.

The 27-page report “Why Required Real Estate Agent Disclosures About Representation Fail and How They Can Be Improved” outlines some of the concerns that have arisen by different state disclosure laws using dozens of terms to identify possible agent roles.

“Not knowing whether your real estate agent represents your interests or those of the other party can be costly,” said Stephen Brobeck, a senior fellow at CFA who wrote the report.  “An agent working for the other party could, and may be legally required to, pass on compromising information such as the purchase price you’re prepared to sell for or spend. And this agent would have no obligation to help you find the right buyer or the right house at the right price.”

Source: Consumer Federation of America