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?
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?