Last week, I wrote about a Zoom Link scam targeting real estate professionals, and today, I want to share another Zoom scam that’s been prevalent in our Los Angeles County area.
Here’s the scenario:
A buyer reaches out and wants to set up a Zoom meeting to tour a property. They’re coming from out of town and doing an exchange and need to buy the property as soon as possible but don’t have the time to fly out to California.
So, you speak with them and spend an hour or more going over every detail of the home. The buyer loves the furniture, the custom details and the floorplan. Yay! They’re a cash buyer, and they send over a bank statement with their name and a reference to a banker, asking if they can chat later in the afternoon, after 5 p.m. (when banks are closed).
Because you’re a smart, careful real estate agent, you thoroughly vet the “buyer,” who turns out to be a scammer trying to tie up the property in escrow. While in escrow they’ll list the home as an AirBnB online and collect deposits but never close. So, they basically collect deposits on a home they don’t own and never rent either. Can you imagine?
It’s happening more and more, as is the reverse, where someone rents an Airbnb then poses as a listing agent and lists the unit at a really low price, telling buyers they’ll only accept cash offers on the property.
How can you avoid this scenario? Take these steps if you think you’ve encountered a fraudulent buyer:
- Thoroughly vet every buyer inquiry until you know in your gut it’s legitimate. (Our “gut instinct” is our first line of defense against these scams!)
- Insist on speaking the following day when banks are open in order to verify the information immediately.
- Set a Google Alert for your listing so you’ll know any time a site promotes the property. To set up the alert, visit www.Google.com/Alerts and where it says “Set up an Alert About…” type in the full listing address to get an alert whenever it’s mentioned.
If you’d like to learn more about how we help ensure a safe and secure transaction for the buyers and sellers we work with, get in touch to schedule a complimentary “real estate security” consultation today!
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Andrew Manning • REALTOR® • Berkshire Hathaway HomeServices California Properties • DRE: 00941825 • 818-380-2147 • andrew@andrewmanning.com