This is a reminder to all GAAR members to remain vigilant in the fight against fraud. The following is a story from a GAAR member, edited only to protect names and information, that serves as a cautionary tale for the type of fraudsters to keep an eye out for. 

I wanted to mention an incident we had on a listing. Our listing agent was contacted by a potential buyer who made an offer at listed value, but wanted not to pay any earnest money, an all-cash offer. 

We gave two days for verification of funds. The buyer gave us a statement that he had received an insurance settlement and was sending wiring instructions to Wells Fargo’s main office in San Francisco. The instrument he was utilizing was to be an International Bill of Exchange. When he sent the information, it indicated that he was wiring 7 million dollars which was a great deal over the offer.

Naturally, it developed that the funds would not be verifiable for 7 business days, whereupon we let him know that the requirement in the offer was not met timely. I had interceded as this developed and assured him that we would be happy to amend his timeline as soon as his funds were verifiable.

We have heard nothing further from him. 

The moral of the story is to be diligent in your research and trust BUT verify.