Realtor warns older adults about scams, traps and home-selling choices

“We Buy Houses.”

If you’re selling a home and see that pitch on signs around town, take a closer look — especially if you’re a senior, says Lisa Dunn, a realtor who works with older adults.

Dunn said seniors whose peak earning years are behind them should usually try to get the strongest possible price for what may be one of their biggest assets.

“There are some people who benefit from realizing a quick sale on their home,” said the Burnsville resident. “I’m a little biased because I’m a real estate agent, but any time you only deal with one person for your home — whether it’s one of these investors or your second cousin once removed that wants to buy your house — if it’s only one person, you don’t know that you’re going to get fair market value because it hasn’t been exposed to the market. I think that consumers are best served when their house is put on the market, as many people see it as possible, and if we can get them to bid against each other, even better.”

The “We Buy Houses” message is one of the subjects Dunn addresses in educational talks around the Twin Cities. She is among six professionals taking part in a seven-week senior services series through the University of Minnesota’s Osher Lifelong Learning Institute.

Her session, which covered quick-cash offers, real estate scams and how to vet an agent, marked her fifth time participating in the program.

She also has future talks scheduled at Amira Choice Champlin as part of its “The Next Chapter” series and at the Lenox Community Center in St. Louis Park.

Dunn, who works at The Change Agents Group|RE/MAX Results in Edina, has helped older adults and their families navigate later-life moves since 2003.

“There’s not a lot of us that do it,” Dunn said, adding that a business coach early in her career encouraged her to look for meaning in her work.

“You have to know more; you have to be willing to do a little bit more,” said Dunn, a former nursing assistant at a nursing home. “It’s challenging in different ways than other real estate, but I can’t imagine doing anything else. It’s really rewarding.”

The “We Buy Houses” approach can make sense for some older sellers who suddenly need to move because of a medical issue, Dunn said.

“They know they’re not going to get fair market value, but that’s not their goal,” she said. “Maybe their goal is to get it sold quickly.”

In other cases, though, quick-cash deals can be shady, she said. Dunn described a former client with a conservator who was contacted directly by a company offering 60% of fair market value. The client signed a purchase agreement, and the company took the unusual step of filing it with the county, which Dunn called a red flag.

“I happen to think it was an indication that they know they had done something shady,” Dunn said.

With a complaint to the state Department of Commerce and help from an elder law attorney, Dunn said the agreement was voided and the vulnerable senior’s home was returned to the market.

“Older audiences are more prone to fraud and scam in general. They just are, especially older seniors,” Dunn said. “They have fewer people around to watch them, and one of the keys of being a scam or a fraud is they try to make sure you don’t tell anybody what they’re doing.”

A common real estate-related scam involves mailing people official-looking offers to sell their deed for $99, Dunn said. The state Attorney General’s Office has warned consumers not to fall for deed solicitation schemes.

She noted that deeds can be obtained from the county for $10 and are not even needed in many situations.

Homebuyers should also be alert to wire fraud, Dunn advised. She urged people to be wary of emails that appear to confirm wiring instructions while asking for bank account numbers.

“You could wake up the day of closing and your money isn’t at the closing table, it’s in India somewhere,” Dunn said.

Certified by the National Association of Realtors as a seniors real estate specialist, Dunn offers clients broad guidance on housing options based on health, finances and lifestyle.

She also keeps track of the senior housing landscape in the Twin Cities so she can help clients plan their next move, whether that means renting or buying.

“I can’t list their house and help them sell it unless they know where they’re going,” Dunn said.