OC Realtor Accused of Scamming $1 Million From Homebuyers

rayzam

New member
Didn't see anyone posting on this here (or perhaps I don't know how to properly search the forums yet) so I thought I share it:
https://www.nbclosangeles.com/news/...s-Help-Foreclosure-Preciado-AE-509861661.html

I personally know one of her victims who gave her a check in hopes of getting one of her phony shortsales. Unlike what is suggested there, this agent even had an escrow, so the earnest money check was written to the escrow and everything seemed legit but they discovered later on that the escrow was also affiliated with the agent and part of the scam.
I consider myself a pretty experienced RE investor and have bought many properties including a good number of short sales, and quite frankly I cannot see how a buyer/agent can flag such phony transactions ahead of time. All it takes for the scammers is to have an escrow collaborating with them in the scam. Any suggestions on what to do to protect against such scams?     
 
Do your due diligence on any real estate or escrow company you?ve never heard of before? Like anyone who claims to be CEO of a random company like AE Real Estate.
 
It's sad that there are scumbag realtors out there like that who will take advantage of clients who are not knowledgeable and/or don't do their homework.  I've said it before, the whole real estate agent industry needs a big purge.
 
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