Investors-Beware the “Gap Scam” - Posted by Suz
Posted by Suz on May 09, 2006 at 09:00:56:
I wanted to send you a note to let you know of something I heard over the weekend. I was listening to a podcast of a show that a man named Jerry Boucher runs in the DC/MD/VA area. He was saying that in DC and Maryland primarily there has been a new type of RE fraud materializing. . .
Apparently, when you go to settlement on a property in MD, it can sit for sometimes MONTHS before being recorded. Some unscrupulous sellers are wising up to this, and then selling their properties twice. The second time around they are offereing the properties way below market value to out of area investors. Out of area investors can’t help but take a bite out of the bargain and are getting scr*wed.
Just thought I might pass this on as food for thought for all of you.