Steps of Selling Other People's Houses
First, it is organized crime, at least involved in a crime ring or corporate with the ring.
What do the perpetrators need for this? Simple: Identity theft and empty homes.
This is what perpetrators do and how it's done:
1. Find a number of empty properties, places where no one has lived for quite some time.
2. Checked the properties to see whether they have mortgages from the public record--very easy to access ( They still can do it even with a mortgage or Helocs, but harder, one more protection layer to penetrate).
3. Contact a Realtor, and give any reason for the sale, empty property taxes, or sick of the hassle to be a landlord, etc.
4. Realtor takes an ID and checks out other forged documentation. All is fine. The house is on the market.
4. Crooks then ask Realtor for a lawyer recommendation. The lawyer sees it as a normal referral from a regular business partnership.
5. Lawyer was required to check Identity too, but crook the fake ID is perfect and met the LSO requirements for an identification check.
So, the sale goes ahead. The proceeds are complete and the fund is wired to the Crook's account and then moved overseas.
Now the property has two owners and both have title insurance and both went through legitimated legal procedures.
Who owns the house then?
Original owner! This CBC story said:..title insurance on their house to cover the costs related to getting the house back or receiving the sale price of the property." and " "It also doesn't account for the house being sold under market value ... if fraudsters are looking to make a quick buck," said Derrick. "You get what it's sold for, not what it's worth."
You can take what it was sold for. Of course, you need to balance the current market price, sold price, and all the hassle you had to decide to take back your house or just take the price sold. There are laws that restore title to the old owners.
Who has the bigger problem?
New Buyer? They have a problem but really Title Insurance has a problem, they will eventually have to pay the New Buyers and likely their banks who provided the mortgage. However, the $millions in insurer losses will eventually be passed on to the house-buying public, you and me, or our children.
Why it seems to become"产业链了"?
Property Fraud-- selling other people's Houses happened before. But why 偷卖他人房子成产业链了 @Jay Wang in recent years?
Simple answer. Too many empty houses.
If a property has been occupied, either by an owner or a tenant ( they could do it but not as easily as an empty house since identity fraud won't last long), it leaves fewer chances for crooks to take advantage of it.
Why do we have so many empty houses?
There are some people said it is hard to find a place to rent. The problems are central banks' monetary policies, government fiscal policies, and TLB policies. Buy a house it will double its value in a few years, the rent is chicken feed. People buy as many houses as they can by all means, legally or illegally because central banks print too much money.
How to prevent it from happening?
Simply! Sent the ID to the ID issuer for verification with fees-- the money LSO should grab long ago.
First, it is organized crime, at least involved in a crime ring or corporate with the ring.
What do the perpetrators need for this? Simple: Identity theft and empty homes.
This is what perpetrators do and how it's done:
1. Find a number of empty properties, places where no one has lived for quite some time.
2. Checked the properties to see whether they have mortgages from the public record--very easy to access ( They still can do it even with a mortgage or Helocs, but harder, one more protection layer to penetrate).
3. Contact a Realtor, and give any reason for the sale, empty property taxes, or sick of the hassle to be a landlord, etc.
4. Realtor takes an ID and checks out other forged documentation. All is fine. The house is on the market.
4. Crooks then ask Realtor for a lawyer recommendation. The lawyer sees it as a normal referral from a regular business partnership.
5. Lawyer was required to check Identity too, but crook the fake ID is perfect and met the LSO requirements for an identification check.
So, the sale goes ahead. The proceeds are complete and the fund is wired to the Crook's account and then moved overseas.
Now the property has two owners and both have title insurance and both went through legitimated legal procedures.
Who owns the house then?
Original owner! This CBC story said:..title insurance on their house to cover the costs related to getting the house back or receiving the sale price of the property." and " "It also doesn't account for the house being sold under market value ... if fraudsters are looking to make a quick buck," said Derrick. "You get what it's sold for, not what it's worth."
You can take what it was sold for. Of course, you need to balance the current market price, sold price, and all the hassle you had to decide to take back your house or just take the price sold. There are laws that restore title to the old owners.
Who has the bigger problem?
New Buyer? They have a problem but really Title Insurance has a problem, they will eventually have to pay the New Buyers and likely their banks who provided the mortgage. However, the $millions in insurer losses will eventually be passed on to the house-buying public, you and me, or our children.
Why it seems to become"产业链了"?
Property Fraud-- selling other people's Houses happened before. But why 偷卖他人房子成产业链了 @Jay Wang in recent years?
Simple answer. Too many empty houses.
If a property has been occupied, either by an owner or a tenant ( they could do it but not as easily as an empty house since identity fraud won't last long), it leaves fewer chances for crooks to take advantage of it.
Why do we have so many empty houses?
There are some people said it is hard to find a place to rent. The problems are central banks' monetary policies, government fiscal policies, and TLB policies. Buy a house it will double its value in a few years, the rent is chicken feed. People buy as many houses as they can by all means, legally or illegally because central banks print too much money.
How to prevent it from happening?
Simply! Sent the ID to the ID issuer for verification with fees-- the money LSO should grab long ago.
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