IT'S ANNA ROSE!!!!!!!!!!BUYERS BEWARE OF REAL ESTATE SCAMS!!!

BUYER INVOLVED IN A REAL ESTATE SCAM!!!

What will this buyer do now?

In this scenario, I will say my buyer's name "Jeff", so I can cover his identity. About 3 years ago, Jeff went to a seminar (held by a woman Jeff has known for years)and signed on to do a real estate project that just might change his life. Jeff was given brochures, pamphlets, housing project plans, and the whole 9 yards that made him believe this real estate deal was legitimate and a sound investment for his future. According to the documents he was given, this real estate project was being given by the local city government and HUD. This program would allow Jeff to have a property be built within the city, but Jeff would have to pay for the land up-front. Once the house was built, there would be no mortgage, but both Jeff and the city would be on title. The city would stay on title for (10) years. Which meant that if Jeff wanted to refinance or sell the property within the first (10) years, he would have to give half of the proceeds to the city. If he waited after this time, then he would be able to keep all proceeds. NOTE: the woman (lady who held seminar & someone that Jeff knew) told Jeff the only issue is that it would take awhile (Maybe 3-4 years) before Jeff's name came next on the list for a house. Due to the amount of funds available through the city and HUD, they could only build so many houses at a time. Jeff agreed to this issue.

The other day Jeff told me that he was looking through the local paper to read up on sports. On the front cover of the paper, there was a woman that was recently arrested for scamming buyers. That woman was the same woman that Jeff know and gave money to for the real estate project. According to the paper, the woman scammed (2) buyers out of 100K each for the same transaction that Jeff was involved in. Jeff didn't invest the same amount as the other (2) buyers, but he did invest 35K which is still a lot of money. I told Jeff that he should either file a police report or seek an attorney.

****Did I say the right thing to Jeff?

****Is filing a police report first before you seek an attorney the right way to go?

****Have you ever heard of this type of scam before?

Let me know what you think.

Thanks for reading,

Anna M. Rose
Carolina One Real Estate
www.AnnaRose-RealEstate.com