Real Estate Fraud is Simple

November 25, 2014

NotaryCam: A Crucial Tool in Preventing Real Estate Fraud

It’s been years since Robo-Signing nearly collapsed our economy and yet real estate fraud continues to be live and well. It is more evident than ever that a platform like NotaryCam will play a tremendous role to stop fraud BEFORE it actually happens.It’s just not enough for today’s notary ‘best practices’ to just view a photo ID and allow someone to transfer title to home or refinance a loan – notaries deserve to have the strongest 21st Century tools at their disposal to positively ID persons before them and off solid digital evidence to support the entire ceremony.Here’s a story about an number of parties, including buyer, seller, real estate agent and title company, that would have all benefited by deploying a professionally certified NotaryCam-notice how easy it was to commit this fraud and yet, how easy it would have been to stop it dead in it;s tracks:In spring 2013, the real estate market was up, and Guy Gugliotta was thinking about selling.

For decades, the New York writer had owned two vacant lots on the seaside in Sandbridge – investment properties surrounded by vacation homes. With thoughts toward buying in another part of the country, he contacted Siebert Realty in Virginia Beach to talk about options.

The call seemed to surprise the agency, and the agents’ response surprised Gugliotta even more. He couldn’t sell the properties, they said, because he had already sold them. Didn’t he remember? The deal had closed the previous August.

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