Deal is too good to be true was a scam in the making.......This scam is going on all over the country and even is Ohio. Right in our back door. Last month we received a contract from one of our realtors. It was a high dollar cash transaction, large earnest money, electronic signature, Canadian buyer and everything was done through emails.
The buyer planned to rescind the deals, hoping the Title Companies would wire the earnest money back to the buyer before anyone realizes the check was counterfeit. With the help from our Underwriter who send us Alert Bulletins on a daily basis this scheme did not work. We actually knew it was a scam before the check arrived at our office!
Meanwhile, the realtor and the home seller are left stunned. They think the property is sold. This scam hurts the industry, the seller, title agent and realtors.
Thanks to the Plain Dealer for telling this important story!