"We figure out how to steal. That's what we do."
-the supposed "ringleader" of an organized attempt to sell Graceland for $3.8 million said upon realizing his efforts were in vain last month

I'll get into this a little bit more later, but we need to quickly make sure that we are all on the same page about the rampant fraud in real estate these days. On May 17^th, Expert Real Estate Advisors (Bellator agents) were notified of a slight tweak to company policy related to these types of scams. What we are seeing the most in our areas are scammers targeting agents asking them to list lots and land held by out-of-town owners.

Vacant lots and land owners are being scammed by people presenting themselves as the real lot or land owner. The fake owner contracts with an agent to list and find buyers who think they are buying from the legitimate owner, only to find out later they ultimately lost their money to the scammers and have no real claim to the property.

We only have a few defenses (if you did not previously know the client):

1. Meet personally with the seller.
2. Look the property up in public tax records.
3. Use Forewarn to search the name of the owner of record. Verify the name is associated to the number you were called from. Call that number and talk to the owner.
4. Use the county's probate court document search to verify if there are any other owners and that the deed and the names given match perfectly.

Locally, these criminals have been successful targeting properties with no mortgages that will sell in the price range that buyers typically pay cash for. When there is no mortgage company involved, title companies and agents have been too agreeable to "mail-off closings" and wiring the proceeds to the "seller" without meeting in person. The culprits are impersonating someone, and their real identities are basically impossible for you and me to discover. If someone thinks he or she bought a piece of land, wired his or her funds to the title agent and the title agent wired them to the fake owner, only to find out later they were scammed, who do you think they will sue? The correct answer is everyone, including you and your Broker!

If you are unsure or feel uneasy about an "owner," don't ignore it. Call your Broker immediately!
 

"I didn't win this one. I've stolen many identities and received monies, we don't win all,"
-the reported scammer's response to media requests to the email address provided

I don't see an end coming to these attempts any time soon. In fact, it seems the criminals are only upping their game. The Graceland scammers filed an actual petition for Foreclosure with the county, claiming that Elvis' daughter, Lisa Marie Presley, took out a loan against the property and failed to pay it back. They wanted to force an auction sale. So far, no one has been able to find any evidence of this loan at all. In fact, the county and state of Tennessee reported that they don't even have a deed for the property on file, which is likely one of the reasons it was targeted. The company that filed the foreclosure doesn't even seem to exist.

For some unknown reason, this scammer targeted the second most visited home in the United States. And fortunately, word of the potential foreclosure got out to the public and Elvis' granddaughter was able to have the foreclosure auction stopped. If this wasn't such a high-profile property and instead was just a 5-acre lot in Mobile County, Alabama, would it have made it to the closing?

My point is, we cannot rest on our laurels with this. It is not going away. Scammers are getting more sophisticated and more brazen. Be diligent. Be sure. If they will go after "the King," they won't hesitate to target you.