Saddle River Police Warn of , “Seller Impersonation Fraud”

the staff of the Ridgewood blog

Saddle River NJ, the Saddle River Police Department Detective Bureau has reported numerous reports of  seller impersonation fraud . Seller impersonation fraud is a type of fraud in which bad actors impersonate property owners and attempt to sell property they don’t own. It is critical that title professionals and our industry partners spread awareness about this type of fraud and educate buyers about the steps they should take to protect themselves.

It works like this, scammers search public records to identify real estate that is free of a mortgage or other liens. These often include vacant lots or rental properties. The identity of the landowner is also obtained through these public records searches.

Scammers pose as property owners and contact a real estate agent to list the property for sale. All communications are through email and other electronic means and not in person.

The listing price of the property is typically set below the current market value to generate immediate interest in the property.When an offer comes in, the scammer quickly accepts it, with a preference for cash sales.

The title company or closing attorney transfers the closing proceeds to the scammer. The fraud is typically not discovered until the time of recording of transferring documents with the applicable county.