Home Buying in 01748>Question Details

Brian Gibson, Home Seller in Outside U.S.

In the middle of dry closing between overseas buyer and seller and need help. Suspect some sort of scam

Asked by Brian Gibson, Outside U.S. Tue Jul 9, 2013

We received a cash offer from a Brazilian buyer. Docs were signed notarized, 10% escrow was received all set to close 27th June. At the last minute we were told it would be a dry closing because the funds were not received. 2 large wires and one smaller one were sent 26th June.
The 2 large wires were subsequently received 6 days later but there was a discrepancy on how the smaller wire was written up by the bank in Brazil and it had to be resent last Friday. It has now been received by the Bank in Florida but due to a technicality they say they have no right to accept the funds. Earlier today my wife contacted KUA to discuss moving the water and electric bills to the Buyer as soon as closing is finished. KUA said that the buyer has already been in touch and have arranged to take over the bills as of July 10th. We then heard about the latest failure with the wire after close of business.
I am really concerned that some sort of scam is being worked.

What should we do next?

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Answers

6
There are red flags all over this. Contact an attorney ASAP. Do not allow the transaction to move forward until it's sorted out one way or another. You need a satisfactory explanation of the weird things going on, but more likely, you will need to cancel the transaction.

Don't think of it as losing a buyer, as the person on the other end of the transaction does not appear to be authentic. Think of it as saving yourself.
1 vote Thank Flag Link Wed Jul 10, 2013
I would follow the advice of your attorney.

This is one reason why I would use a local legal professional.


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0 votes Thank Flag Link Mon Jul 15, 2013
"Rush to an attorney", that seems to always be the answer. What are the professionals you're working with say? Do you have an agent? Do you have a closer? Is there already an attorney involved? What do they say? Without the funds stipulated in the contract, they can't close the deal, and therefore they don't get the house until the funds are provided. Could be a scam, but it sounds more like just bank issues, which are fairly common and probably even worse coming from Brazil.
0 votes Thank Flag Link Wed Jul 10, 2013
Definitely contact an attorney immediately.
0 votes Thank Flag Link Wed Jul 10, 2013
You definitely need a real estate attorney and I agree...call someone today!
0 votes Thank Flag Link Wed Jul 10, 2013
Get yourself an attorney right away and go to the attorney general! Run don't walk!
0 votes Thank Flag Link Tue Jul 9, 2013
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