1,543,823
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.
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Thomas J. Nelson, REAL...
La Jolla, CA
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Gita Bantwal
Warwick, PA
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Dorie Dillard Austin TX
Austin, TX
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Nina Hollander, Broker
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Doug Dawes
Topsfield, MA
5,049,450
Fake listings and homes for rent on Craigslist happen pretty regularly
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Kasey & John Boles
Boise, ID
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Mel Ahrens, MBA, Kelly...
Hood River, OR
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Nina Hollander, Broker
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
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Doug Dawes
Topsfield, MA
3,345,091
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.
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Nina Hollander, Broker
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
2,684,109
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.
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Kasey & John Boles
Boise, ID
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Nina Hollander, Broker
Charlotte, NC
1,196,798
They are out there. Ran into one last year that the FBI became involved in
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Roy Kelley
Gaithersburg, MD
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Lyn Sims
Schaumburg, IL
4,434,127
I have not yet come across any.
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Tony and Suzanne Marri...
Scottsdale, AZ
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Doug Dawes
Topsfield, MA
5,005,659
Your question is way to broad but Thomas J. Nelson, Realtor, CRS raises some very good concerns.
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Thomas J. Nelson, REAL...
La Jolla, CA
2,220,654
4,936,705
5,772,575
Elton,
We have not encountered that. A
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Nina Hollander, Broker
Charlotte, NC
2,781,173
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
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Carol Williams
Wenatchee, WA
1,466,207
Ethan Marsh Interesting how you've seen some scams. I've been in this business over 30 years and have never seen one.
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Nina Hollander, Broker
Charlotte, NC
1,725,996
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.
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Nina Hollander, Broker
Charlotte, NC
3,416,038
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.
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Nina Hollander, Broker
Charlotte, NC
3,071,489
1,844,301
This is an odd question coming from someone in the banking industry IMHO. How do we protect our clients from the bankers?
86,514
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!
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Doug Dawes
Topsfield, MA
6,393,584
5,868,554
Get many emails from "buyers" that would to buyer property, and send a link you need to click, which is a scam.-
1,502,998
4,800,082
4,319,419
Ethan Marsh - it was a rental scam from Craigslist.
Nothing like what I heard of recent wire scams.
3,986,258
989,652
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!
3,988,007
Not often at all. Usually scams seem to good to be true and that is when your antennae go up. Question everything.
809,258
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
961,383
Had the Craigslist rental scam using one of my listings; only issue I have experienced.
5,583,278
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...
1,239,901
5,104,931
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.
7,836,139
You need to be alert for scams all of the time. Some are very creative.
1,617,916
900,128
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.
921,504
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.
5,216,409
I have only come across a few escrow money scams in over 40 plus years and they were in the early days!
1,712,676