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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (25689)	12/7/2004 9:23:38 PM
From: David Jones	Respond to of 306849

>>>>person posing as the owner,<<<<<< First off good advise Grace. Same crap happens in hot rental markets. Tenants pose as owners and take deposits for rent that's usually well under market rate and skip. Most times with several peoples deposits. I've heard stories of owners going to their units and finding strangers in them. Then the fun starts sense the squatter has paid someone a deposit and usually opened accounts for utilities. The owner has to go through an eviction process.

To: GraceZ who wrote (25689)	12/8/2004 2:34:31 AM
From: fatty	Read Replies (1) \| Respond to of 306849

Grace, thanks for sharing the story. I have thought about fraud all along but I kind of discounted such possibility. The public information about the property's ownership and the seller's attorney all seem to be valid. So if it's a scam, it would be quite elaborate. I was very careful in providing financial information. I blanked out all SSN and account numbers and I also refused to include my credit report. Of course, now that the seller has my check and signature, it's possible to forge anything. Anyways, I think it was more likely that the seller either got a better offer or decided not to sell. I have just wasted way too much effort on this house, it is too bad that there is no easy way for me to get even.

To: GraceZ who wrote (25689)	12/8/2004 9:54:47 AM
From: Suma	Read Replies (1) \| Respond to of 306849

In discussing fraud. Since I retired I have been defrauded twice. The first time by a Realtor who was in a workshop that I also was in called INTEGRITY... It said if you couldn't keep your word you were a scumbag... Good place for suckers to be picked up. I had a condo on the water in Fl. It was Summer and not moving. I had it listed with another Realtor but Art said that he would buy the condo from me and resell it later or find a client. That he would pay me three months hence... and meanwhile I would get 8 % on my money, At this time 9 % was what banks were paying on C.D.'s... Sounded good to me as I was caring for elder parent and going over to clean the place after open houses and take care of it was too much. So, trustingly, I handed over my condo ... it was paid for cash.. and on the market for $ 125.000 and Art gave me a PROMISSORY NOTE and took the TITLE. I never got the money. And in fact I had to pay the commission to the Realtor who had the condo . Art had told me that he would take care of that. He never did. As a realtor I trusted that he would do that in house... Find out later Art resigned from the Realty Board a few days before doing my deal. He also established the company that he was doing the deal in ... in Delaware a few days prior to the deal and that he sold the condo and never paid me a cent.the company was made on the phone. Delaware in those days was a great place to create a bogus company. Lawyers said fraud was hard to prove. However at a later date a news paper reporter whom I got to investigate the fraud for a article in the newspaper said that in Tampa Art had done the deal Grace described. Also in Michigan where he had lost his real estate license he had done the deal of selling condos he didn't own. Caveat Emptor... There are crooks everywhere. Art is living in style here in the same town. When he did the fraud with me he owned nothing. In checking his beautiful home was rented, his car was leased. He was untouchable. Oh, he owed back rent of thousands of dollars...I never recovered a penny and lost another $8.000 in commissions and lawyers fees on top of it. This all happened in 1986 or 1987