Ooh, a new internet lead. Yes! He likes my listing! Good deal. Oh, wait, he has made a reasonable offer and sounds so sincere....from China? My lucky day.

Does any of this sound like something you've experienced lately?  It just happened to me. 

A lead with a Chinese surname expressed interest in one of my listings.  I sent him to the property website for more information and offered to show it to him.  He replied by making an offer on the property, sight unseen.  He explains that he and his wife have been in the area last summer and know the neighborhood.  They are currently back in China and will be moving here in February.  They want to send a $15,000 deposit and then they provide me with a copy of their Bank of China bank statement with the account number blacked out. 

My client and I discuss the likelihood of this being a scam but decide to play it out a little longer to see if there was a chance it could be true.  That was this morning.  Tonight I did a search for Chinese real estate internet scams and read about many other real estate agents who have had a similar experience.  Some of them stuck with it too long and got burned.

Here is how it could have ended up.  The lead sends a deposit check which is put into the trust account.  He then reneges and the money is returned to him BUT it turns out his original check was a phoney and the real estate company has just sent him a real check for $15,000.  GOTCHA!!

Be careful, listen to your instincts.  If it's too good to be true...it is. 

 
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12 Comments on Chinese Internet Buyer Scam

DEC
11
2011
672,089 Points 38 Featured Posts Localism Sponsor Outside Blog Called Shot Master

So many scams, so little time.  I'm glad you did your research! 
9:11pm • #1
474,235 Points 15 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Just tell them you'll be happy to deposit and hold the money for them and there wont be any refunds for any reason.  That should take care of the problem.  Damn scammers.
9:18pm • #2
546,251 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good Evening Sharon

Thanks for the post and information. Have a great day
9:19pm • #3
DEC
16
2011

Wow! This just happened to me and it must be the same guy....Neo Yu sound familiar?  Once I read this I am not responding to him anymore...these people make me so mad.  Just had this happen about 6 months ago and we went as far as getting the earnest $ check.

Thanks for the information!
Jill Schoenefeld
5:47pm • #4
DEC
21
2011

Same guy has contacted me and two other offices in Sheridan Wyoming. 
Mary
5:04pm • #5
AUG
07

EXACTLY WHAT I WAS LOOKING FOR .  WE HAVE OUR ALMOST FULL PRICE OFFER, ($590,000) AND THE SAME $15,000 DEPOSIT OFFER.  THE LAST SUMMER STORY, EVERYTHING! REALLY WANTED IT TO BE TRUE, BUT, BUT, BUT!  THANKS

DAVE  ON LAKE CHAMPLAIN IN VERMONT
DAVE
10:48am • #6
AUG
08

I just had the same thing happen to one of my listings.  From a Realtor.com lead referral.

Same phone contact and a copy of a bank account from "Bank of China" Buyer's Name is Kin Cheung.

Best bet is to be  AWARE  and check everything out before you put your Sellers property or Title company at stake. Too good to be true usually is!

Thanks AR Participants for keeping us all informed!

From Denver,CO
6:20pm • #7
AUG
25

Yu Li, aka Neo Li is still at it, in Idaho this time.  He pinged our Trulia listing once in June and then followed up at the beginning of August with a not-quite full price cash offer with $15,000 earnest money and waived inspection and wanting to close in 2 months. After a few weeks of incomplete offer letters, requests for us to hook him up with an attorney to handle the transactions (he actually went so far as to contact the attorneys) and other difficulties, our realtor informed him with her apologies that, due to recent scam activity, all funds would only be accepted via wire transfer, not cashiers check, and all earnest money would be non-refundable. After assuring us of his high standing in his community and lack of criminal intent, he vanished.

It felt too good to be true so we didn't really bite on it, but I managed to get my hopes up somewhat in spite of that gut feeling. Jerk.

 
Linnaea
12:52am • #8
SEP
28

I got one from Kin Cheung too!!!...imagine that. Same $15,000 deposit...same request for local attorney to hold funds...Here it is:

This is an automated inquiry sent by a REALTOR.com® consumer.  Please do not reply to this email.  Please contact Kin Cheung directly using the information below.

First Name: Kin
Last Name: Cheung
Email Address: kincheung14@gmail.com
Phone Number:

Best time to contact: Any time.
Needs a response: Immediately.
Plans to buy or sell within: 1 month.
I need: An answer to a quick question (see comments below)

Comment:
Hello,
I would like to formally present an offer of $415,000 for this property.Kindly get back to me ASAP, if my offer would be acceptable by the sellers.
Thanks
Kin

This consumer inquired about:

Property Address:
<one of my listings>

Email target: Agent

Basic Property Attributes:
$429,950
Bed: 3
Bath: 3
Property Type: Single Family Home
Karen Sothoron
6:26am • #9
OCT
17

Have a signed contract with Kin Cheung. same email : kincheung14@gmail.com He retained an attorney, had his brokerage in canada send a check for the full amount of purchase, earnest money, plus enough to cover attorney fees. Waiting for check to clear. I just found this blog on the scam.
Lorraine NorthWest Real Estate
1:10pm • #10
NOV
20

Same scam, different name - Han Hung - EXACT situation - Attorney's are on this, but escrow companies not so much! 
3:12pm • #11
MAR
20
1 Featured Post

they're still at it ... 2 came in to Austin, TX KW listings yesterday.  thanks for the post!
4:07pm • #12


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Sharon Greene Fairfield County, CT Real Estate

Ridgefield, CT

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RE/MAX Right Choice

Address: REMAX Right Choice, 77 Danbury Rd, Ridgefield, CT, 06877

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