Scams to Avoid in Real Estate: 2
October 19, 2009 by Heather
Filed under Real Estate
There is a very popular real estate scam going on right now, known as Overseas Investment and Return. The idea here is that the scam artist behind it wants to give you something for very little. They fool you into thinking you are getting a great deal, in other words, which is why so many people fall prey to it.
People who invest in these schemes are typically asked to send checks for the investment. They get a little money back, but it usually comes from another victim of the scheme.
Usually these do originate with “investors” who are overseas, making it difficult to check up on the deal. It is tempting to get something for almost nothing, but in most cases you will definitely find that the deal is way too good to be at all true.
A friend of mine fell for some type of real estate scam which seems to be generating from the United Kingdom (she lives in New York)..people have gotten her to send thousands of dollars in the hopes that she will receive $40 million in return. I believe she’s being scammed sine now these people are asking her for ..just 15 thousand dollars more in order to get her 40 million. Can I report what I know through your website with more info..?
Roben,
It definitely does sound like your friend is being scammed. What she seems to be going through is similar to these real estate scams, except that she is being offered money instead of a home if she keeps funneling in her own funds. I would advise you to check out the FBI’s web site, they have forms you can submit detailing scams of this nature, as well as numbers to call. IC3’s web site might help as well, I know they started offering support for scams like this after the widespread prevalence of those emails announcing that someone in South Africa and other places had died and that the recipient was somehow named in the will. I wish you both luck!