Protect Yourself from Seller Impersonation Fraud

Did you hear about the recent Graceland incident? Elvis Presley’s famous home in Tennessee was nearly auctioned off by scammers posing as legitimate sellers. Thankfully, the fraud was quickly detected, and the perpetrators were caught. However, this case highlights the growing threat of seller impersonation fraud in the real estate industry.

What is Seller Impersonation Fraud?

Seller impersonation fraud occurs when cybercriminals attempt to “sell” properties they don’t own to unsuspecting buyers. This scam has been on the rise since 2023 because it often works. In this newsletter, we’ll review the Graceland case and provide essential tips to protect yourself from these scammers.

The Graceland Case Explained

Scammers falsely claimed that Lisa Marie Presley, Elvis’s late daughter, had defaulted on a loan secured by Graceland. They attempted to auction the property, but Elvis’s granddaughter intervened and sued to stop the foreclosure, presenting evidence that the loan was fraudulent. The scammers admitted to forging the paperwork, including using Remote Online Notarization (RON), which wasn’t legal in Florida at the time of signing.

Common Tactics Used by Fraudsters

Fraudsters typically target properties owned by deceased individuals by using stolen personal information to create fake IDs and forge deeds. They also target vacant lots, vacation homes, and other properties that are not closely monitored. These scammers often push for quick, cash-only sales and may insist on using their own notaries and vendors to avoid detection.

Tips to Prevent Seller Impersonation Fraud

Verify Leads: Be cautious of unexpected listings that match the target profile. Always verify the seller’s identity.
Insist on Meetings: If you suspect a seller may not be legitimate, request an in-person meeting or video call. It’s better to lose a listing than to fall victim to fraud.
Report Concerns: If you suspect a seller isn’t who they claim to be, inform our team immediately.
Educate Clients: Regularly update your current and past clients about the various types of fraud in the real estate industry.
At Rocket Title Inc., our dedicated and professional team is committed to ensuring your transactions are secure. If something feels off, trust your instincts and reach out to us. We’re here to help you and your clients stay protected.

Stay Vigilant and Stay Safe!