March 12, 2024-What You Need to Know
Chattanooga Real Estate Fraud Alert –
Chattanooga Area Property Owners: I wanted to share information about a recent fraud incident involving someone I know.
The property owner targeted owns vacant land in Ooltewah, Tennessee.
Someone impersonated him, contacted an agent pretending to be him and listed the property without him knowing on the Chattanooga MLS . Not only was the property listed, it was “sold” and under contract pending a closing several weeks in the future.
The REAL property owner just so happened to drive past his property and saw the sign. He assumed it was the neighbors and called to see how much they were asking for their property. As it turns out, it was HIS property that was listed for sale.
Needless to say the entire listing and contract were cancelled. However, this is a real problem happening not only with Chattanooga real estate but throughout the country.
You can watch my Video of what transpired here —>>> https://www.instagram.com/reel/C4a2dtqKIbp/
Vacant land/homes are targets for fraud because there is no Buyer foot traffic that would alert the true property owner that the property has been listed. It’s also more likely to happen if there’s no mortgage on the property so a bank isn’t involved in the process/sale.
If you currently own vacant land/property please do keep an eye on it. Drive by occasionally to be sure there aren’t For Sale signs posted (although signs are not always posted on properties where fraud is occurring). Contact Hamilton County and see if you can put an alert on your property that will let you know if property title searches are being done. A title company will search a property (vacant or not) to ensure ownership.
If you have any questions at all, please feel free to reach out any time.
Thyra DeCicco
Broker | Owner
Love Where You Live Realty
Chattanooga, TN 37404
Ph: 423-994-4676
Email: thyra@listwithlove.net