Beware of Fraudulent Scheme Involving All Cash Purchase and Overseas Buyer

Realcomp has been alerted (by more than one MLS Subscriber) about a SCAM that is being attempted on area REALTORS^®. The SCAM includes the following hallmarks, which we want to make you aware of:

Buyer either sees the property in person or indicates he/she wants to purchase the property “sight unseen” from overseas

Buyer may share a copy of his/her foreign bank statement showing adequate funds for the purchase

Buyer may request a quick closing

Buyer indicates the purchase will be all CASH via an overseas wire transfer, BUT a successful transfer of funds never occurs

Buyer may request keys to home before closing–wanting to take early possession

Buyer may remove the REALTOR^®’s yard sign from the property

If you have specific office procedures for working with international clients, it is very important that you be sure to follow these procedures to protect yourself and your sellers from becoming victims of fraud.

Note: Some of the scenarios listed above may not be out of the norm when dealing with international clients. However, it’s important that you know what is and isn’t. To review resources on this topic, see the “Field Guide to Working with International Clients” published by NAR at http://www.realtor.org/field-guides/field-guide-to-working-with-international-clients.

Last Modified: Monday, August 22, 2016

August 2016

Beware of Fraudulent Scheme Involving All Cash Purchase and Overseas Buyer

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