The Story
In the world of real estate, trust is everything. When a seasoned listing agent, long partnered with New Venture Escrow’s own Tricette, received a call from someone claiming to be the out-of-state owner of a vacant parcel of land, everything initially seemed legitimate. Person X, as we’ll call them, knew the property records inside and out—enough to pass as the true owner. They spoke with confidence, knew the specifics, and convinced the agent to list the land for sale.
But things aren’t always as they seem.
The Red Flags
Almost immediately, the first clue emerged—a neighbor, who had long hoped to purchase the land, expressed surprise that the real owner would suddenly be selling. This nagging suspicion led the listing agent to rely on Tricette’s experience and commitment to thoroughness.
Properties that are owned free and clear, like this one, are prime targets for fraudsters. Person X, claiming to be in a new location and unavailable for in-person meetings due to health concerns, pushed for the kind of shortcuts that inexperienced teams might take to accommodate their needs: agreeing to send documents to their desired location and allowing them to use a notary of their choice. Tricette, however, not only knew better, but also did what she could to alert the rightful owner.
Going Above and Beyond
Instead of yielding to these requests, Tricette upheld a requirement to use a vetted and approved notary to verify the seller’s identity and she decided to send a physical escrow package to the true owner’s last known address. It was a calculated move, designed not only to alert the real owner but to protect everyone involved from a potentially disastrous scam.
When the genuine property owner received the package, they were understandably upset. But Tricette’s proactive decision soon became clear: by refusing to cut corners and upholding protocols, she safeguarded the sale and prevented a serious fraud attempt. The listing agent, witnessing firsthand the expertise and dedication that New Venture Escrow brings to every transaction, felt their partnership grow even stronger.
The Broader Impact
In an industry where fraudulent schemes are becoming increasingly sophisticated, vigilance is not optional—it’s essential. Seller impersonation fraud is on the rise, with 19% of title insurance companies reporting attempts as recently as April 2024. Fraudsters often target vacant land and attempt to sidestep key verification steps, such as using unapproved notaries or manipulating credentials. But through experience, diligence, and trusted partnerships, these scams can be stopped in their tracks.
Expert Insight: Tricette, Escrow Officer at New Venture Escrow
“This experience highlights why it’s so critical to work with escrow professionals who understand every detail of the process. By staying vigilant and taking every red flag seriously, we were able to prevent a devastating outcome and protect our client’s interests.”
Key Takeaways for Real Estate Professionals:
- Fraudsters are becoming more sophisticated, but with diligence and expertise, their schemes can be thwarted.
- Properties owned free and clear are especially vulnerable. Always verify seller identities through vetted notaries and secure channels.
- Choosing the right escrow partner is crucial. New Venture Escrow is committed to safeguarding every transaction.
