THE NEW SCAM - READ THIS, IT MAY AFFECT YOU!

Good morning. I hope you all had a great weekend. Now that we are back to work, here is a little heads up... The new scam, on this website and thousands of other mortgage and finance websites, is people saying that they can and will fund real estate transactions in any country worldwide. They say this and collect a four or five figure upfront fee and do not deliver, just disappear.

Now, anyone with any common sense or business experience knows that no company can or would ever fund real estate loans all over the world but just in case you are new to real estate or are trying to get started as a broker, here is your heads up: STAY AWAY FROM ANYONE SAYING THEY CAN FUND A LOAN IN A COUNTRY OUTSIDE OF YOUR OWN! There are no exceptions. If a person or company claims otherwise, please send me a message here on this website and let me know so I can delete that individual. If your real estate transaction is not solid enough to find funding in your own country, be a professional and go find a higher quality transaction to focus your time on. Find a better property.

My goal is to keep this site safe and one way to do that is to post these public blogs from time to time to help you out. Here is a good rule to live by in real estate or any other business:

NEVER DO BUSINESS WITH ANYONE THAT YOU CANNOT MEET FACE TO FACE AND SHAKE THEIR HAND IN PERSON!

Have a great day and thank you for using the real estate website that cares about you and your business!

Admin

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Comment by Robin Bettis on December 10, 2014 at 1:43pm
I also have been scammed by a woman named Jama I sent the $180 for the loan also paid $140 to have it sent to me.They even scanned a recipient showing they sent the $3500. Now I'm dealing with a guy named Daniel Lex. He says its $400 and he will send $4000.Are these people real or what.I feel ashamed and still struggling.
Comment by Don Green on August 28, 2014 at 12:10pm

Thanks for bringing this to everyone's attention.

As I've commented elsewhere on this site, NEVER, NEVER, NEVER, NEVER, NEVER pay anything upfront to a so-called lender. By definition they are scammers not lenders if they want money upfront. There is one tiny exception, in that you may need to pay for an appraisal. But even then, the appraisal won't even be ordered until the underwriter has given an approval and issued a term sheet and gotten it accepted by the borrower.

Also, Lorraine has shined a light on something else to watch out for: No good lender will ever "guarantee" they can get you funded. The guarantee happens when the money is wire-transferred. Period.

I'll give you a real-world example from the days when I was a real estate agent:

Buyer/borrower goes to the closing and signs all the settlement documents. This took place at 9:00am. It's done, right? Now it's guaranteed, right? We've closed... The seller handed over the keys (against my advice - this deal didn't "table fund"). Then the buyer (I was the listing agent on this, btw) immediately went out that same day and bought a car. The underwriter pulled a final credit report prior to funding (yes they absolutely can do that) and because the car loan messed up their debt ratio, they DECLINED TO FUND.

Please understand the difference between "settlement" and "funding":

Settlement is when everything is signed by both buyer and seller and the HUDs are approved both all parties.

Funding is when the money actually changes hands and the deed is recorded.The deal is then "closed."

I will disagree with admin on one thing: Chances are slim that you'll ever meet me face-to-face and shake my hand. I certainly welcome such a meeting, but you'll need to travel to rural Utah to make it so. I'm ok with that if you like - heck, I'll even take you fly-fishing! - but I do business with investors all over the country whom I've never met. I suspect a lot of us do these days.

Comment by Lorraine Brown on June 17, 2014 at 8:51am

I, too, have been scammed by (so he says) a Private Lender on this Real Estate Finance Web Site from the email robertsshawn511@aol.com.  He swears on his wife's grave he is not a scammer and that he has funded other companies in the past.  I paid him fees with a guarantee I will receive my funds, then didn't. After being robbed of fee monies, never to see my original loan of only $3,000, he is asking for more fees to complete this transaction which was never originally completed. Now I feel I have a serial emailer stalking me via my gmail account due to the fact he will not stop emailing me after I emailed him numerous times to stop. I have over one hundred emails of correspondence between him and me, plus copies of receipts of Moneygrams discussing this transaction me inquiring about a loan and him guaranteeing receipt of the loan.  The reason I gave was due to a family emergency and his attitude was as if this transaction was a joke between us with his attitude being, "I cheated you out of your money..so what".  Also after all of the anxiety, disappointment and the feeling of foolishness I have experienced throughtout this whole fiasco, he emails me again to say "Good Morning"   Just another headsup re this scammer. Beware!!!  

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