08
Mar
Real Estate Fraud Scam Targets Time Share Owners in Mexico
Time share properties are rarely a good investment. In bad economic times, they are nearly impossible to sell.
In a scheme reminiscent of the advance-fee fraud scams perfected by Nigerian con artists, fraudsters have been calling owners of time shares in Mexico and making them tantalizing offers: the so-called buyer will purchase the time share either at or above market value, as long as the seller pays the??10 percent tax to the Mexican Tourism Department upfront. The seller is promised a return of the money after escrow.
The painful truth is that those sellers who paid those upfront fees lost all of their money to this new, deceptive form of real estate fraud.
The fraudsters have apparently stolen the identities and real estate licenses?of ERA Property Movers agents in order to convince the property owners they were legitimate. Interestingly, they say they are from the Fresno office of ERA, but the chain owns no offices in that city.
Read the original article in the Orange County Register.
Source: http://www.californiarealestatefraudreport.com/archives/3293
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