Seattle Tacoma Short Sale Scams - Watch OUT!
My Short Sale attorneys, MBS-Law, just warned me of this short sale scam about a real estate professional who was all excited as he had lined up a short sale buyer on a short sale residential property in the Seattle Tacoma, WA. The short sale buyer was paying all cash, and it was going to be a quick close. This short sale buyer wanted to have an attorney represent him in his purchase, as he was from outside the Seattle Tacoma WA area, in fact the short sale buyer was from Canada.
The short sale buyer wanted to wire the substantial earnest money deposit to the attorney’s trust account for safe keeping. The real estate professional had referred MBS-Law because of past dealings in regards to Seattle and Tacoma short sales, and was surprised when the firm flatly rejected taking on this short sale buyer as a client and accepting his money.
HERE'S THE SCAM..........
Actually it’s the Attorney gets scammed. The real estate professional doesn't ever really get a sale as they are just the facilitator as the scam artist takes the money from the attorney.
The attorney generally is elated and takes on the engagement as the short sale buyer and scam artist includes a healthy retainer with his deposit. In fact, the buyer gives the attorney a CASHIER'S CHECK!!!! The attorney deposits the check only to find out that the buyer has changed their mind and the deal is off. The short sale buyer asks the attorney to wire the funds, but allows the Seattle Tacoma attorney to keep the retainer for his services. This is happening all over the US right now, not just Seattle and Tacoma.
The CASHIER'S CHECK is fraudulent and is from a bank in Canada. It take about three weeks until the attorney's bank advises the attorney that the check was no good and the attorney loses as the bank demands that the attorney deposit the lost funds to that account.
It’s the 13th time this year MBS-Law has encountered this SCAM regarding Seattle Tacoma short sales.
What to look out for?
- They have not looked at the short sale property.
- They will be paying cash.
- Escrow will close in about a month.
- They always show a bank statement as proof of funds.
- The short sale buyer is NOT from the United States.
Recently a law firm lost $400K from their trust account in a similar short sale scam. It won't hurt you, but you REALLY DON'T have a deal even though it looks and feels like a good deal.
Stay away from this one! And whether you’re in Seattle, Tacoma or anywhere else if it seems too good to be true…
If you’re a homeowner and need VA Short Sale Help in Seattle, Tacoma or Washington State call or text me John M. Cameron 206-910-0200 or email mailto:johnrockshomes@gmail.com. I’d be happy to help in any way I can.
Some Useful Short Sale Links:
What is a Seattle Tacoma Short Sale?
VA Short Sale Help in Seattle, Tacoma and Washington State and BIG changes to HAFA 2012
Military Short Sale for 2012 – VA Compromise Sale – JBLM and PSNS
Seattle Tacoma JBLM VA Short Sales - The HAP Program is Still Working
Seattle Tacoma Short Sale Scams - Watch OUT!
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