Special offer
Ethan Marsh, Claims adjuster (Mountain America Credit Union)

Spam prevention
Rainmaker
1,543,823
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Not using a profile photo is one way to raise suspicions. It's hard to explain instinct, gut feeling and experience...they just look like a turkey when they claim to be an eagle and experience reveals them. They are out there in force but most easily spotted and avoided.

May 25, 2017 09:06 PM
Ambassador
5,049,450
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Fake listings and homes for rent on Craigslist happen pretty regularly

May 25, 2017 10:17 PM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Your question is far to broad to provide a meaningful response.  Generally speaking, if it sounds to good to be true, you are likely to uncover a rat.

May 26, 2017 07:25 AM
Ambassador
2,684,109
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 There are 2 or 3 in my email inbox every day of the week.  Not just the Nigerian prince, but phishing scams for my bank account, email password, etc.

I've had listings hit with the Craiglist rental scam.

 How do I know?  Instinct, and an abundance of caution.

Tell clients to always CALL you on the phone before digitally signing anything in an email, and never to wire money to anyone including the Title Attorney without talking to you first.

 

May 26, 2017 07:13 AM
Rainmaker
1,196,798
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

They are out there. Ran into one last year that the FBI became involved in

May 26, 2017 04:27 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not yet come across any.

May 26, 2017 03:25 AM
Rainmaker
5,005,659
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Your question is way to broad but Thomas J. Nelson, Realtor, CRS raises some very good concerns.

May 26, 2017 04:43 PM
Rainmaker
2,220,654
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Once in a while.

May 26, 2017 02:57 PM
Rainmaker
4,936,705
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Not as many as prior to 2008

 

May 26, 2017 07:37 AM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Elton,

We have not encountered that.  A

May 26, 2017 06:48 AM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The scams seek out the weak in this business. The strong repel them. Anybody that tries to talk a deal, double talk, evade or has dubious contact or conduct comes under scrutiny. Scam snakes have many skins. Savvy helps

May 26, 2017 06:29 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Ethan Marsh Interesting how you've seen some scams. I've been in this business over 30 years and have never seen one.

May 26, 2017 06:24 AM
Rainmaker
1,725,996
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

In our Electronic World, there are scams everywhere, not just in the Real Estate Business. If it seem too good to be true, then it most likely is. Hold on to your contacts and your wallet even closer.

May 26, 2017 05:59 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

If it looks or sounds too good to be true it usually is. There are very few scams as you look at real estate as a whole. The majrity if not near all come in fake rental ads on properties they dont own, asking half price and have you wire money over seas. 

May 26, 2017 05:02 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Gita Bantwal nailed this one!

May 26, 2017 04:58 AM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

This is an odd question coming from someone in the banking industry IMHO. How do we protect our clients from the bankers?

May 26, 2017 04:51 AM
Rainer
86,514
Mike Kelly,CRS,CIPS
The MJKelly Team - Santa Rosa, CA
"One of Sonoma County's Natural Resources"

 

 

Scams are happening in every market. In my 38 years in the business the biggest scam ever was the lending practices before the market collapsed in 2007.  The unrivaled greed and speculation and the totally lax lending practices aided and abetted the great recession.  Classic scenario and lies of this era, “Well always have appreciation!”  And “Don’t worry we’ll refinance you out of this loan and you’ll be able to pull out thousands of dollars!” or “No need to fill the application out, just sign here and we’ll take care of it!” 


We also saw some lenders forging their way onto title. I had one buyer attempting to purchase a listing of mine and when the buyer went to sign off was told her “partner” had come into sign before her. She replied, “What partner? I’m buying this house myself!” Escrow officer got her lender on the phone and he states, “Oh, I forgot to tell you we couldn’t get you qualified but I brought in an investor who said he’d help you qualify for the loan. We’ll take him off title once the deal closes!”  The “partner” never came off title. The same lender started adding himself to the title. When the properties went to foreclosure the  banks came a calling.  They couldn’t figure out how HE got on all those properties! He’s languishing in some prison somewhere.


Then that was followed by all the folks who said they could do your short-sale if you could just give them $5,000 to $10,000 up front! Never happened and they quickly outlawed this practice.


REO market really brought out the scammers.  Many stated they had a "Cash" offer and then either bailed on the deal after acceptance, called you a week later and said, "We've decided to hold onto our funds for rebuilding your dump REO so we'll be getting a loan", or kept stating "hard-money" was really "cash"!!


 


Then we had plenty of hucksters touting the 100% financing scheme by purchasing a home by taking the loan "subject to", having the Sellers put a 2nd on the property and give him $10,000 for “carpet repair” or “closing costs”. The Sellers would  carry the balance. He would then sell the property using an "All Inclusive Deed of Trust" at a much higher price to some unsuspecting buyers. He was banking on the “spread” of what he was paying to the underlying notes and how much he could get with the AIDT.  He asked and got a $5,000 deposit, first and last month’s “rent” saying it is a lease option, then charging an obscene "rent" by stating half is going towards the down payment. The poor buyers would try and make the payments but couldn’t keep up. He’d evict them for nonpayment and get another sucker into the property. Eventually his payments caught up with him and he’d just let the property go back to the bank.  He’d walk away from the deal with $20,000 grand. He threw offers around until one would stick.


Currently it seems to be “flipper scams”. Company tells you they’ll show you the way to make thousands when in reality they want you either as a “Bird-dog” to dig up the real good deal in which they pay you a finder’s fee or go in with an unsuspecting homeowner to fix the property up and sell it with the proceeds split 50/50. Only thing is they buy “off-market” and really low ball the seller. This usually works with the elderly who bought back in 1971 for $40,000 and the property is now worth $600,000. But the scammer offers them $400,000 stating they’ve made 10 times the original house value!


I could keep going but how depressed can one person get!

 

May 25, 2017 10:01 PM
Ambassador
6,393,584
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Fairly often, be vigilant and always double check.

Jun 04, 2017 09:39 PM
Rainmaker
5,868,554
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Get many emails from "buyers" that would to buyer property, and send a link you need to click, which is a scam.-

May 29, 2017 04:15 PM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Once in 30 years.

May 27, 2017 05:04 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Scams are easy to identify.

May 27, 2017 05:43 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Ethan Marsh - it was a rental scam from Craigslist.

Nothing like what I heard of recent wire scams.

May 26, 2017 10:01 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

All the time!

May 26, 2017 08:50 PM
Rainmaker
989,652
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

At least 4 - 5 a day in my inbox and spam box

I know because I've seen the same ones over and over and also if I have question my husband knows the answer!

May 26, 2017 07:22 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Not often at all. Usually scams seem to good to be true and that is when your antennae go up. Question everything.

May 26, 2017 06:47 PM
Rainmaker
809,258
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

The two most prominent scams I know of right now are craigslist rental scams on homes that are listed for sale and the wire fraud scam via email. What scams have you run across in banking? -Kasey

May 26, 2017 06:35 PM
Rainmaker
961,383
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

Had the Craigslist rental scam using one of my listings; only issue I have experienced.

May 26, 2017 03:14 PM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I've not in 39 years in the real estate business.... I make a point of staying on track with my listings and not waivering outside of my standard, reliable marketing sources....  that's one reason I have never used Craig's List... 

May 26, 2017 12:57 PM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

 constantly.  As long as there is money some crooks will try.

May 26, 2017 07:51 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

First of all, I don't consider real estate "a scene." It's a serious profession wherein we are fiduciaries. Second of all, I've not seen or experienced fraud in 25 years.

May 26, 2017 07:47 AM
Rainmaker
7,836,139
Roy Kelley
Retired - Gaithersburg, MD

You need to be alert for scams all of the time. Some are very creative.

May 26, 2017 07:41 AM
Rainmaker
1,617,916
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

do the right thing

May 26, 2017 06:23 AM
Rainmaker
900,128
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

It's getting trickier and includes wire fraud. Be vigilant, document everything in writing and warn your clients, especially when it comes to wire instructions security, etc. Doublecheck all! You can usually smell a rat if you're alert.

May 26, 2017 06:05 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

MOST real estate scams that effect real estate have their origins in BANKING.

1. Examine your industry to find where the bodies are buried.

2. Other red flags: Offers from the BLUE MAN GROUP, aka undisclosed buyers have a great potential for setting a trap.

3, Wire Fraud: Again a 'banking' issue.

4. Asigns: In ANY industry, assigned is a red flag that creates conditions which will trap the buyer and/or seller long after the event is closed.

5. Let's make a deal and pocket the commissions.

How do I protect them? "DO nothing without picking up the phone and talking to a person. IF you are uncertain who to call, call me!"

How often! I know where they exist and who makes it a practice. KNOWING means my clients are not effected.

6. Clients gone rogue are on their own. FSBO and rogue clients are the low hanging fruit for those who have scammy hearts.

 

May 26, 2017 05:52 AM
Rainmaker
5,216,409
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

I have only come across a few escrow money scams in over 40 plus years and they were in the early days!

May 26, 2017 05:29 AM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

It's called human nature and their are books you can read about that.

May 26, 2017 04:54 AM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

Not many

May 26, 2017 04:38 AM