Has been updated: 2 by the time release date: 2 by the time
Smart criminals are illegally selling real estate in our town and we have to stop them. Here's how the scam works: The bad guys assume the identity of the property owner and call the real estate agent and ask them to sell the property. These are all over the phone and there is no way to trace the person claiming to be the property owner. The agent finds a buyer, the deal is closed, the deal is passed on to the title company, and the deal is completed. The rightful owner knows nothing of this, and the transaction is “legally binding.” Very difficult to fix at this point.
I encountered this scam strategy last year when the vacant lot next to mine went up for sale. The owner was down in the Lower 48 for the winter. And I got suspicious. I called the owner and he called his agent and canceled the transaction.
Last week I received a letter from Stewart Title asking if I would like to sell a vacant property that I own adjacent to my home. I said no, but they told me they were almost done selling the property. They immediately notified the buyer and listing agent. Thanks to Stewart Title's integrity and careful professionalism, we were not robbed of our property. Mr Stewart said this was the fifth time he had thwarted a property fraud.
The prospective buyer was on his way from the United States to sign closing documents. Saddened by his grief, he had already contracted with a drilling company to start clearing the land.
I asked all participants to report these incidents to the Anchorage Police Department or the Alaska State Police Fraud Unit. Agents and title company staff said law enforcement appears to have little interest given staffing issues and other more dangerous crimes.
We urge all real estate agents, agencies, and title companies to remain vigilant, verify property ownership, and work with law enforcement officials to catch these sophisticated scammers.
— Fred Dyson
eagle river
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