Get rich quick by selling somebody's land

copsIt seems that a fellow in Georgia had the desire to raise some quick cash, so he came up with a bright idea. He allegedly decided to auction six parcels of land. The auctions apparently went well, with the industrious man raking in $138,328. The problem is that the parcels he auctioned weren't his to sell. At least that's what is reported by The Buffalo News Police Blotter.

The man has been charged with one felony count of wire and mail fraud. The report says he used an unnamed website and fooled his would-be clients into believing the property was his to sell. The victims believed that they had made valid purchases, but deeds to the parcels never materialized. The good news is that between the FBI, the United States Postal Service and the City of Buffalo, this alleged crook has been nabbed.

Let this be a lesson to us all. First, we should probably never make a real estate purchase without the assistance of an experienced professional. It might be a good idea to have a licensed real estate agent overseeing our deal, or we could have an attorney who specializes in real estate looking over our shoulder. I might suggest that large payments for real estate purchases should generally be held in an escrow account until the deed is transferred. Additionally, it's probably a wise investment to pay a title company to do a historical abstract and title search on real estate we wish to purchase.
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