My scammers name was Fang Fong. He sent a check drawn on his "Canadian Bank" for $50,000. Then he wanted the title company to write himn a check back for $40,000 to buy "furniture". The emails went back and forth for a few days until I called the bank in Canada and they never heard of him. The so called passport signature did not match a document that the title company had him sign. He was then caught. I tried to hold back but I couldn't so I sent him a nasty email and I felt much better. No one lost any money except the inspector who never got paid. I told this scammer to go get a job and leave us alone.
According to Damian Cox with the Law Office of Richard M. Chanzit many brokers recently the have been contacted by foreign cash buyers (usually Canadian) claiming to be interested in a listed property even though the buyer has no legitimate interest in the property. While the scam can vary, some of the elements include:
1. the buyer is a cash buyer;
2. the buyer may provide a bank statement showing funds;
3. the buyer may provide a passport;
4. the buyer may sign a buyer listing contract and a contract to buy and sell
5. the buyer may ask for an attorney referral;
6. the buyer may want to close quickly;
7. the buyer may not care to see/inspect the house.
Based off research of the law firm these offers are NOT legitimate. If you enter into the contract to purchase property, the buyer will send you a fake earnest money check for $5000. The buyer will then later terminate the contract and ask you to return his earnest money. Some of the names they have seen include: Ding Li, Noriko Ike, Suzuki Eiji and Fang Fong.
If your broker receives an email solicitation that sounds fishy, it probably is, but Google the name to check if other real estate brokers have posted comments about the alleged buyer before emailing the buyer. As always, brokers are encouraged to speak with their leadership about questions
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