Thread: Latest Scam -So FL Agents Beware

This guy seems to target Top Listing agents.

I did not get the entire story because the agent was VERY upset, but she is a Broker/Associate in the business 18 years.

She received a call from a seller with 2 very exclusive properties for sale and wants the agent to list on an exclusive basis. Seller is out of state and does everything over the phone and fax.

Agent takes the listing agreement and the seller tells the agent he has a buyer and needs the agent to help the buyer with some expenses to get the transaction completed.

Needles to say, the agent paid out over $6,000 to the scamers and found out the properties listed were not owned by the seller.

Agreed, there should have been much more Due Dilligence on her part, but she was also out of the state traveling , did not want to loose the deal and skipped a number of steps. Being hungry causes honest people to do unusual things.

Apparently this guy has hit a number of very successful agents and has a very good story to tell that makes it all sound incredibally reasonable.

DO NOT Take any listings unless you can confirm the property is owned by the person entering into the transaction.

The police in Palm Beach and Broward Counties are on the hunt for these guys.

Here is another one. Not sure if it is real or not, did not take the bait. I received a call from a company that is in the referral business. They have a buyer for a condo on Palm Beach Island up to $700k. As much as that sounds great and who would not want the buyer, the referral agency wanted $499 for the lead and any more leads for Palm Beach Island that may come in. I told them to take a hike. I told them I would pay a referral fee out of the transaction if they were licensed which they would not accept. If it smells bad, it usually is.

Keep you guard up folks!

hehehehe WOW they're getting really creative these day huh!

But on your 2nd point I believe it is perfectly legal to pay any company whether or not they are licensed (what about Lending Tree!!!) providing that there is a written agreement stating a flat fee or tierd scale for buying selling leads providing it outlines the criteria of the leads and the payments are not based on a commission type scheme/ % of price but only set up for purchasing leads.

For example:

X brokerage will pay company Y for any lead they send for a buyer looking to purchase in Z area with in said price range and have already been approved to a mortgage and who is wanting to close within 90 days.

NOW personally I think you're right that you would get really screwed if you started paying $500 a lead, but maybe $50.

Referrals Referrals Referrals

The $499.00 was not the problem, and completely legal. I would gladly pay it, after the deal closed, possible before, but need to verify the clients ability to purchase a $700,000 property.

The way my luck is going, I'd end up paying $499.00 for a lead that the buyer is qualified to purchase a grass hut in the Everglades.

I'm going into the RE Lead business. Anyone want to pay $499.00 for buyer leads?