# If you are selling your house, Beware!



## Molly Mckee (Jul 8, 2006)

A friend of mine has had her house for sale for a long time. She got a full price cash offer from buyers in Japan, with a quick closing time. The earnest money check cleared the bank, at first, even tho it was for more than the earnest money that was agreed on. The bank became suspicious, and refused to release the title until they investigated further. The check was not good, and the "deal" didn't close. The realtor had talked to the buyers several times as had the bank. It would have been an even worse mess if the "sale" had gone through, and it could have, the bank stopped it a day before closing. I think everyone was so happy with the full price cash offer they didn't think about if the offer made sense.


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## starlady (Sep 9, 2009)

Sounds like the scam where someone from another country will send a check for more than the price of the thing you're selling, then ask you to wire the difference back. Then the check bounces and you're out the money...


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## ChristieAcres (Apr 11, 2009)

As a Realtor, I instruct all out of State or Country Buyers to send Wires ONLY! Their bank can wire the funds, usually the same day. My last cash Buyers were from Alaska and they wired the funds for two properties (side by side). Recently, my latest local Buyer went to the BOA with her Cashier's Check (drawn on Mellon Bank). The funds could be confirmed and this was a legitimate Cashier's Check. The BOA is holding up her Closing by holding the funds for over a week (?!). When we bought our property, we wired the funds directly to Escrow.

I am glad you posted this thread to warn others. There are a lot of scams out there!


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## FarmerKat (Jul 3, 2014)

Thanks for posting this. I had no idea people do this type of a scam on real estate sales as well. I am glad the closing did not go through.


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## simi-steading (Sep 27, 2012)

If an offer sounds too good to be true...... I agree, too much earnest money was the give away... Very typical scam tactic... Then out of country and sight unseen????


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## Molly Mckee (Jul 8, 2006)

Buying sight unseen here is sometimes done, especially by Californians, who are buying a second home, or retirement home. The prices here are low comparatively speaking so they think they are getting such a good deal they can turn around and get it sold quickly if they don't want it. In this case however, it was largely greed on the realtors part, she was the listing as well as the selling agent and didn't do more to protect the seller. If she could have gotten the bank to release the money and the title, she would have closed sooner. 

While my friends didn't lose much actual cash, they were hours from the movers coming, had everything packed, storage rented and had found a house they liked.


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## CraterCove (Jan 24, 2011)

Ew that sucked. Because of my recent experience I think if my selling realtor brought me the buyer I'd find another realtor to represent me for the sale. They can't represent both sides adequately.


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## Molly Mckee (Jul 8, 2006)

I would get a different realtor as well, but my friend is nicer than I am!


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## ChristieAcres (Apr 11, 2009)

CraterCove said:


> Ew that sucked. Because of my recent experience I think if my selling realtor brought me the buyer I'd find another realtor to represent me for the sale.* They can't represent both sides adequately.*




I have been a Dual Agent on many occasions, had very happy Clients on both sides. Unfortunately, not all Agents can do this adequately. I only do this, if the Buyer is presenting an Offer that will not be difficult to bring to Mutual Acceptance. Otherwise, I refer the Buyer to another Agent. A word on Agents...

An Agent who is not a Realtor, is not bound by the National Association of Realtors. A Realtor is an Agent, who is a Member of the National Association of Realtors as well as his local Board of Realtors. In WA State, Agents are now referred to as Brokers. I have a Managing Broker License and am also a Realtor (Member of the Sequim Association of Realtors, as well as the NAR). With my license, I can either work for a Designated Broker (or Designated Broker Owner) or own and manage my own real estate company. With over a decade of experience now, as well as a BA in Organizational Management, I do have the skillset and education to do so. However, I decided to work for a Designated Broker Owner, who was a Real Estate Attorney for 20 years, and in real estate for over 30 years. I am his Primary Realtor. Now, as far as ethics and contractual knowledge goes, my Broker has set the "bar" high. He has confirmed I have met his high standards and I wouldn't want to work for any one else. He is honest, ethical, and put his Clients first!


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## DAVID In Wisconsin (Dec 3, 2002)

My title company won't accept any checks for amounts over $20,000. It has to be wired money. And even under $20,000, they have lots of restrictions. So many bad checks and scams floating around now days.


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## edcopp (Oct 9, 2004)

The check was no good, and the bank caught it. Immagine that.

So what you had was nothing. No offer, No money.

You can now get started.


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## sss3 (Jul 15, 2007)

Worked w/a guy, they wanted to sell house and move to FL. Got their price. Closing was near, he quit his job. Closing day, buyer backed out. He tried to get his job back. Co. wouldn't hire him back. That was just their policy. He was a good employee. I know they were hurting financially after that. Don't know what happened after that.


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## ChristieAcres (Apr 11, 2009)

Until the actual Recording, NOTHING is ever a "sure thing or done deal!" As a Listing Agent and Buyer's Agent, I always tell my Clients this. I still feel bad for that guy, what a mistake.

I had the same thing happen with one of my Listings. The Buyer backed out the day before the Closing (his DW asked for a divorce).

Today, I wrote up a Back-up Offer for a wonderful couple, for a very unique incredible home. Since it is past the Inspection, but still contingent upon the Septic Inspection? I did warn my Clients they should keep looking, as it will Close if nothing unusual happens. They were willing to chance it and I am representing their best interests. I will pray they get this home as it was so perfect for them! The interior has a Japanese theme and it was finished high end! There isn't a single home for sale, the least bit similar.


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## Evons hubby (Oct 3, 2005)

CraterCove said:


> Ew that sucked. Because of my recent experience I think if my selling realtor brought me the buyer I'd find another realtor to represent me for the sale. They can't represent both sides adequately.


I had no problem representing both seller and buyers during my 11 years as an agent. What I find difficult to wrap my head around is a "buyers agent" who is supposedly working for the buyer... yet is getting paid by the seller in most cases.


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## JohnnyRebel (Dec 23, 2014)

Why would someone think that when you sell ANYTHING for $XXX and you get a check for $XXX + XXX it is going to be legit?

:hammer:


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## Molly Mckee (Jul 8, 2006)

I think the listing agent was so excited to be the selling agent as well on an expensive home. She did talk to the "buyers" several times, initially the check cleared the bank but several weeks later didn't. This is not uncommon with out of country checks-banks will clear them one day and call and say they are going to on hold again. If the mortgage holding bank had not refused to clear the loan for the fast closing, it would have really been a mess. The bottom line is greed, great offer, fast closing, big payoff. My friends are selling because of health problems, so they were very relieved to have the offer.


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