AGENTS, TRUST YOUR GUT- WARNING-THIS IS REALLY WEIRD
Posted Oct 13, 2008 @ 8:30 pm, Viewed by 938 Visitors, Read 1048 Times.Well I had the unfortunate opportunity to come into contact with a potential BAD deal. Good thing I listened to my instincts and didn't allow me or my client to become victims to what could have been suckers bait.
This is how it went down. I was approached by buyers with their agent who said they wanted to pay cash for one of my listings. Awesome right? As I read their offer I noticed that they didn't want to disclose where the money would be coming from. The only information they would tell me is that it was from a foreign trust located in the UK, namely "SOVEREIGN TRUST". I advised my client that this smelled like a scam but it may be possibly that they are "dignitaries" as they claimed. We decided to move forward with a 10 day close and NON-REFUNDABLE earnest money under any circumstances and a letter from this trust within 5 days. They said OK and we were set to close in 10 days.
On the 5th day I received what looked to be a random document created in photoshop. No reference to the location of the bank, trust, or any contact info to verify that the letter came from the said source. At this point I really felt something weird.
I started to investigate and turns out this is really some weird stuff aimed at attacking the US and Canadian banking systems. See here:
http://www (DOT) sovereigntrust (DOT) info/
http://www (DOT) freewebs.com/classaction/johndempsey (DOT) htm
Needless to say we terminated the contract and have moved on. Now I can only assume based on what I have read that they would have never been able to get their hands on one penny, which means they were wasting my time. I hope this may help other agents stay away from what could be a bad deal.
For more information on Atlanta Real Estate, Atlanta Condos or Atlanta Lofts, please visit our website at DwellAtlanta.Com 
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Judy,
Craigslist is known for having that international scam. What happened here is much different and more sophisticated. Did you see the links I provided? If not, it's worth a look.
I googled a phone number that came in today and it came up as "SOVEREIGN TRUST"
go look at SOVERIGN TRUST . INFO- WEIRD STUFF...
If you are in a deal and you think it has potential problems due to this scam, feel free to give me a call.
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Hmmm, I got something similar (a cash offer with foreign money) from Craigslist on one of my listings. Was the selling agent in on it or just didn't know any better?