While always a consideration in our industry, more trying times require more careful consideration of the legitmacy of prospective buyers. Certainly, the elimination of many low documentation loan products have forced many con-men into a different profession, but the onset of more desperate circumstances for many sellers have given some a new feeding ground. Atlanta has a reputation for attracting a higher percentage of the underbelly of the industry, so all the more reason to be aware.
They come after custom builders, sellers, lenders, and anyone else who will listen to their "story". While the story almost always falls apart before a transaction goes down, these "conartists" can be a productivity killer.
A few rules we always follow -
1) Always beware of an offer that sounds too good to be true - It is
2) Be wary of someone who can't describe what they do for a living - it probably means what they do is below board.
3) Those who want a big deal for little cash, with a promise of providing great incentive later - they almost certainly are not for real
There are many others - but flagging any of these three out of the gate will go along way to saving much time and energy on deals that never had a chance
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