Seattle Tacoma Short Sale Scams - Watch OUT!

By
Real Estate Agent with Century 21 Real Estate Center, Tacoma, WA.

Seattle Tacoma Short Sale Scams - Watch OUT!

 


SCAM ninja
My Short Sale attorneys, MBS-Law, just warned me of this short sale scam about a real estate professional who was all excited as he had lined up a short sale buyer on a short sale residential property in the Seattle Tacoma, WA. The short sale buyer was paying all cash, and it was going to be a quick close.  This short sale buyer wanted to have an attorney represent him in his purchase, as he was from outside the Seattle Tacoma WA area, in fact the short sale buyer was from Canada.

The short sale buyer wanted to wire the substantial earnest money deposit to the attorney’s trust
account for safe keeping.  The real estate professional had referred MBS-Law because of past dealings in regards to Seattle and Tacoma short sales, and was surprised when the firm flatly rejected taking on this short sale buyer as a client and accepting his money.

HERE'S THE SCAM..........

Actually it’s the Attorney gets scammed. The real estate professional doesn't ever really get a sale as they are just the facilitator as the scam artist takes the money from the attorney.

The attorney generally is elated and takes on the engagement as the short sale buyer and scam artist includes a healthy retainer with his deposit. In fact, the buyer gives the attorney a CASHIER'S CHECK!!!!  The attorney deposits the check only to find out that the buyer has changed their mind and the deal is off. The short sale buyer asks the attorney to wire the funds, but allows the Seattle Tacoma attorney to keep the retainer for his services.  This is happening all over the US right now, not just Seattle and Tacoma.

The CASHIER'S CHECK is fraudulent and is from a bank in Canada. It take about  three weeks until the attorney's bank advises the attorney that the check was no good and the attorney loses as the bank demands that the attorney deposit the lost funds to that account.

It’s the 13th time this year MBS-Law has encountered this SCAM regarding Seattle Tacoma short sales.

What to look out for?

 

  •     They have not looked at the short sale property.
  •     They will be paying cash.
  •     Escrow will close in about a month.
  •    They always show a bank statement as proof of funds.
  • The short sale buyer is NOT from the United States.

 

 

 

Short Sale HouseRecently a law firm lost $400K from their trust account in a similar short sale scam. It won't hurt you, but you REALLY DON'T have a deal even though it looks and feels like a good deal.

Stay away from this one!  And whether you’re in Seattle, Tacoma or anywhere else if it seems too good to be true…

 

 

 

If you’re a homeowner and  need VA Short Sale Help in Seattle, Tacoma or Washington State call or text me John M. Cameron 206-910-0200 or email mailto:johnrockshomes@gmail.com I’d be happy to help in any way I can.

 

 

 

Some Useful Short Sale Links:

 

What is a Seattle Tacoma Short Sale?


VA Short Sale Help in Seattle, Tacoma and Washington State and BIG changes to HAFA 2012


Military Short Sale for 2012 – VA Compromise Sale – JBLM and PSNS


Seattle Tacoma JBLM VA Short Sales - The HAP Program is Still Working

 

 

Seattle Tacoma Short Sale Scams - Watch OUT!

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Topic:
Home Selling
Location:
Washington King County Seattle
Groups:
Puget Sound - WA Real Estate
Century 21 Active Rainers
Washington State Investors and Investment Opportunities
Club Chaos
ActiveSEO
Tags:
tacoma
seattle
short sales

Comments 39 New Comment

Anonymous
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Ambassador
531,760
JO SOSS
Selling Homes Around the Sound - HOMEFRONT Realty
HOMEFRONT Realty

I had conversations this year with this type of scam.  Of course I knew the signs - forwareded the emails I received to the FBI. 

May 12, 2012 02:50 PM
Ambassador
712,242
Jerry Newman
Texas REALTOR, San Antonio Military Relocation
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com

Hi John, I had this same type of Scam pulled on me last year from a gentleman from Japan. Our Attorney Escrow officers waited to see if that Caahier's check would clear before we would even present any offers. It didn't clear, and in fact that Bank the check was drawn on said they did not know that buyer. I kept a copy of the check as a Reminder.

 

May 13, 2012 07:31 AM
Rainmaker
319,635
John Juarez
CDPE, ePRO, SRES, GRI, PMN
Prudential California Realty

This is not a new scam and it is not just for short sales. I have seen numerous emails from strangers from out of the country who claim to be retiring to “my area” and requesting that I send a list of homes that they might be able to buy. Their criteria are always very broad but the price point is attractive. I know that if I pursue these leads that I will be pursuing someone who will eventually send a phony cashier’s check to me or my title company.

May 13, 2012 09:58 AM
Ambassador
612,168
Courtney Cooper
206-850-8841
All Seattle Homes for Sale: CooperJacobs.com

Hey John- Long time no see - hope you are well.  Nice to see you in the rain.  Thanks for the heads up- amazing what is up out there!  Courtney

May 13, 2012 06:06 PM
Rainmaker
142,779
Jack O'Neal
High Touch High Tech
Solutions Real Estate

Interesting comment

May 14, 2012 10:26 AM
Anonymous
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Rainmaker
81,216

John M. Cameron

Short Sales Tacoma, WA and Port Orchard
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