Charlie Ragonesi Big Canoe Realestate's Blog: January 2011

The newest Scam in Atlanta Real Estate

There is a scam going on in Real Estate here. It is something you should all be aware of especially if you are a Georgia agent as it appears it is our turn. Here is how it goes. ( And yes they tried it on us.)

Buyer is usually from out of the country. You have a house listed at 1,000,000. (They only work high end.) Buyer wants the house gives you an offer at 950,000 all cash with 50,000 earnest money. The offer is always close to asking price so you will take it. The buyer always comes in around 50,000 earnest money. Everybody is really happy !!!

Now the buyer who is traveling has given his attorney a check for 50,000 for you. The "attorney" has a name and number . Obviously an accomplice. The reason you do not get a wire is that the buyer is traveling and cannot give instructions over the phone to his bank. So the check comes in and gets deposited.  A day or 2 later something tragic will happen and the buyer will cancel the deal. He will ask for his deposit back. He will want it wired. What then happens is the wire clears before the holder of the check learns it is phony and guess who is out 50,000 !!!

I cannot mention names as this persons name is shared by real legitimate people. However the country that he is calling from is Canada. So be aware. In 2008 a blog before was posted about this scam. I am also including a link to it.

pacita.activerain.com/post/1672270/scam-alert-cash-buyer-from-out-of-area

Needless to say we as the listing agents and the buyers agent and the seller become very disappointed over this type of thing. it has been reported to the Canadian police and the FBI. Hopefully this dirt bag will be caught

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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

On line at www.allmountainrealty.com Call at 706 579 1098

We sell Homes                                                    

 

11 commentsCharlie Ragonesi • January 25 2011 05:38PM
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