The people running the following scam have been targeting real estate agents, but they could change their target or try something else with homeowners that are selling their own home. On a personal note, buyers for items I had on Craigslist tried the same kind of scam.
It is best to be aware of the dangers of communicating with people about your property when they don’t want to see the house.
Here is the press release from Realcomp, the online service that realtors use.
It has been brought to Realcomp's attention that the following SCAM is actively occurring around the state of Michigan. It usually involves a “Chinese buyer” who sends emails regarding the purchase of a high end property. Below is an article from April 2013 regarding one version of the SCAM. Other scenarios can be accessed via Google that seem to date back to 2010.
Some of the most recent emails are from a Yen Lee or Jiang Jiemin and bank statements are provided to make the buyer seem legitimate. The offer is close to purchase price including a large deposit. The agents in the Tawas area have been receiving these emails.
Please be sure to read the information at the above-referenced link so if you have not heard of this scam, you will be aware of the different scenarios that can be involved. I’ve heard of the email coming from a doctor as well. Here are some other tips:
A buyer from another country, such as China or England, emails you out of the blue and offers to pay cash for a listing sight unseen. All that he needs is your bank account number so that he can wire his deposit to you or an address where he can send his deposit check. He may also want you to refer him to a local attorney or financial adviser. It sounds too good to be true but you don’t want to offend him if he is a legitimate buyer. What do you do?
Here are some tips compiled from Western Union, Craigslist, Active Rain, and other sources:
1. If the buyer sends you large amounts of funds “by accident”, and asks you to wire the excess funds back to him, never send or wire funds from a check in your account until it officially clears. Having access to the funds does not mean that they cleared.
2. Ask the buyer questions about his work, family, reason for wanting to buy in this area, how he got your name, etc.
3. Ask for a telephone number and speak on the phone.
4. Even if the buyer sends you verification of funds, keep in mind that scammers can create phony bank statements, passports, and other forms of ID. Remember that a former state senator in Rhode Island recently pled guilty to charges that he created phony bank statements.
5. If the buyer asks you for a referral to a local attorney or financial adviser, do not provide a name without clearing it with the attorney or financial adviser. Scammers will use these names to seem legitimate when they try to scam other victims.
6. Before accepting a check that is drawn on a foreign bank, check with your bank to find out whether it will charge a special processing fee and how long it will take for a check drawn on a foreign bank account to clear. The answer may differ from country to country.
7. Do not provide your bank account number to a buyer whom you don’t know. Scammers will pretend that they’re going to wire a deposit to your account in order to obtain your bank account number so that they take your funds.
Morris Hagerman is a local real estate agent with Real Estate One in Royal Oak, Michigan. He serves Berkley and the other Woodward 5 communities, including Ferndale, Pleasant Ridge, Royal Oak and Huntington Woods. Hagerman is also a member of the Berkley/Huntington Woods Area Chamber of Commerce. You can contact him by phone at 248-854-8440, email at morrishagermanproperties@gmail.com or visit his web page.
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