How would you like to be one of these sellers?

BEWARE – of a buyer – (Name withheld) who claims to be a doctor for VA relocating from Texas. Plans to purchase three homes. She has made offers with three different Realtors on three different properties – all new construction. All cold checks. (Name withheld), her husband (Name withheld) and another lady (Name withheld). (An unnamed local association of realtors) staff informed she has been house shopping since last Thursday.

Just got the message you just read. I didn’t print the names of the scammers nor the source of the message as the only change.

How would you like to be the seller of one of the properties? I mean, it got to the point where there was a check written that bounced. That was probably the earnest money deposit check, which gets deposited after a contract has been signed.

How does this happen? I’d tell you but I would probably have a bazillion emails from realtors calling me out for criticizing our industry…… the actions above aren’t the real crime.

I guess my point in this is that I want to prevent sellers from having this happen to them. I want to prevent MY sellers from having this happen.

How do I try to keep this from happening?

I need a preapproval letter from the buyer’s agent before my seller signs a contract. If it is a loan officer I do not know or a company I haven’t worked with, I call to see if the buyer has really been preapproved and if their credit has been pulled. Often, loan officers will send a preapproval based solely on the info the buyer tells them.

If the buyer contacts me about one of my listings and wants to buy it, same thing. They need a preapproval letter from a lender I can talk to before I (as the listing agent) would accept it.

If it is a cash deal, I offer to come help count the money first.

All of this is really common sense. You just check things out before taking any action.

It is all about NOT letting my clients waste time with somebody who is a dreamer or who wants to play games.

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