Real Estate News & Commentary

Real Estate Agent Steals $3 million and Keeps Her Real Estate License

Expertise: Real Estate Marketing, Personal Development, Real Estate News & Commentary, Mortgages & Creative Financing, Real Estate Investing Basics, Landlording & Rental Properties, Flipping Houses, Personal Finance, Business Management
301 Articles Written
Last week we talked about the emergence of the selfless real estate agent. Today, we’re going to look at a piece of dirt who makes the rest of the agents out there look bad. A real estate broker in Shakopee, Minnesota was charged with with 15 felony counts of identity theft; in addition, she filed [...] View the full article: Real Estate Agent Steals $3 million and Keeps Her Real Estate License on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

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Joshua Dorkin is a serial entrepreneur, investor, podcaster, publisher, educator, and co-author of
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    James Klobasa
    Replied over 13 years ago
    Wow, there are and always will be the sharks in the ocean. I often write about them at my blog aswell. Keep up the good work. James
    James Klobasa
    Replied over 13 years ago
    Wow, there are and always will be the sharks in the ocean. I often write about them at my blog aswell. Keep up the good work. James
    Dale Netherton
    Replied over 13 years ago
    Has anyone experienced this one? A real estate agent without a license in the state puts down a large down payment on a piece of property, defaults on the remainder, tries to sell via hidden assignment to another person ( without paying for the property) and then sues the original seller for breach of contract when he finally comes up with enough money for a down payment on a loan. As they say in Outdoor Life, ” This happened to Me”.
    Ken Hicks
    Replied over 13 years ago
    This article does not surprise me a bit. For every 1 good Realtor. 10 are crap.
    Ken Hicks
    Replied over 13 years ago
    This article does not surprise me a bit. For every 1 good Realtor. 10 are crap.
    tom
    Replied over 13 years ago
    I like your blog, learning a lot from it.  sucks to hear stories like this though. .  good luck.  – asianTom
    tom
    Replied over 13 years ago
    I like your blog, learning a lot from it.  sucks to hear stories like this though. .  good luck.  – asianTom
    tom
    Replied over 13 years ago
    I like your blog, learning a lot from it.  sucks to hear stories like this though. .  good luck.  – asianTom Reply Report comment
    tom
    Replied over 13 years ago
    I like your blog, learning a lot from it.  sucks to hear stories like this though. .  good luck.  – asianTom
    Jay
    Replied over 13 years ago
    So sorry to hear about this new scam, and about the thief getting away with it, im a fraud victim so believe me I know how it feels, lives are ruined. its a jungle out there, be careful.
    Chris Lengquist
    Replied over 13 years ago
    The real estate agent deserves everything coming to her… but with due process. (This is still America, right?) But also the scammed probably is a little to blame? I mean, the old adage “if something sounds too good to be true…”, and all. Here in KC we had a suburbanite buy 23 (or so) urban houses and found out 8 months later he had overpaid by about double and that the appraisals had been bad and that no one is now paying rent and the true rent values are about half what was disclosed…. Where was this urban area? 14 miles from the buyer’s house!!!! If he had used a competent real estate agent to represent him and HAD BOTHERED TO GO TO THE PROPERTIES TO INSPECT THEM (which he admitted to never doing) then he wouldn’t have gotten taken. Do you think greed played a part? Reply Report comment
    Chris Lengquist
    Replied over 13 years ago
    The real estate agent deserves everything coming to her… but with due process. (This is still America, right?) But also the scammed probably is a little to blame? I mean, the old adage “if something sounds too good to be true…”, and all. Here in KC we had a suburbanite buy 23 (or so) urban houses and found out 8 months later he had overpaid by about double and that the appraisals had been bad and that no one is now paying rent and the true rent values are about half what was disclosed…. Where was this urban area? 14 miles from the buyer’s house!!!! If he had used a competent real estate agent to represent him and HAD BOTHERED TO GO TO THE PROPERTIES TO INSPECT THEM (which he admitted to never doing) then he wouldn’t have gotten taken. Do you think greed played a part?
    Joshua Dorkin
    Replied over 13 years ago
    Chris – Are you really saying that the scammed is to blame here? You must be joking right?
    Jeff
    Replied over 13 years ago
    Josh, I agree w/ you. These are the people who keep making all investors look bad. The biggest problem is state/local governments keeps trying to pass laws to make investing more difficult instead of going after all the bad eggs. i.e. House Bill 4050 in IL. I think this realtor should be banned from the profession, charged on all counts, and sent to a real prison.
    Jeff
    Replied over 13 years ago
    Josh, I agree w/ you. These are the people who keep making all investors look bad. The biggest problem is state/local governments keeps trying to pass laws to make investing more difficult instead of going after all the bad eggs. i.e. House Bill 4050 in IL. I think this realtor should be banned from the profession, charged on all counts, and sent to a real prison. Reply Report comment
    Real Estate
    Replied over 13 years ago
    One more bad news……these cunning agents not only spoiling their life but also creating a big gap between customers and “REAL” estate agents. These kind of incidents not good for real estate business.
    Ken Hicks
    Replied over 13 years ago
    Real Estate you are right on about creating a big gap between customers and “Real” estate agents. I am kicking the idea around of buying a new home. I contacted a Realtor and asked him how the market was. Long story short I told the Realtor I was going to talk to a builder first, He then told me to tell the builder he is representing me. LOL not sure what this guy was thinking I guess if I could make a easy $12,000 commission I would do the same. I never met the guy in person just one phone call.
    Chris Lengquist
    Replied over 13 years ago
    Joshua, No I am not saying the scammed are to blame. I am saying that buyers have a responsibility to do their own due diligence to avoid being scammed. Listen, if you cannot take time out of your life to drive by homes 14 miles away…so be it. But don’t complain too much when you don’t know what is going on. I am NOT on the side of the inept or crooked. Let me make that clear. But if I buy a car without checking it out…buyer beware. If I invest in stocks made available over the email to me everyday…then buyer beware. If my cousin calls me one more time with a good investment and I throw some cash at it without checking it out on my own…then buyer beware. That is all I’m saying. Sadly, we cannot depend on the honesty and integrity of anyone out there. We do need to see for ourselves. (And the incident I was speaking of was an isolated occurance…to the best of my knowledge.)
    Chris Lengquist
    Replied over 13 years ago
    Joshua, No I am not saying the scammed are to blame. I am saying that buyers have a responsibility to do their own due diligence to avoid being scammed. Listen, if you cannot take time out of your life to drive by homes 14 miles away…so be it. But don’t complain too much when you don’t know what is going on. I am NOT on the side of the inept or crooked. Let me make that clear. But if I buy a car without checking it out…buyer beware. If I invest in stocks made available over the email to me everyday…then buyer beware. If my cousin calls me one more time with a good investment and I throw some cash at it without checking it out on my own…then buyer beware. That is all I’m saying. Sadly, we cannot depend on the honesty and integrity of anyone out there. We do need to see for ourselves. (And the incident I was speaking of was an isolated occurance…to the best of my knowledge.)
    Chris Lengquist
    Replied over 13 years ago
    Joshua, No I am not saying the scammed are to blame. I am saying that buyers have a responsibility to do their own due diligence to avoid being scammed. Listen, if you cannot take time out of your life to drive by homes 14 miles away…so be it. But don’t complain too much when you don’t know what is going on. I am NOT on the side of the inept or crooked. Let me make that clear. But if I buy a car without checking it out…buyer beware. If I invest in stocks made available over the email to me everyday…then buyer beware. If my cousin calls me one more time with a good investment and I throw some cash at it without checking it out on my own…then buyer beware. That is all I’m saying. Sadly, we cannot depend on the honesty and integrity of anyone out there. We do need to see for ourselves. (And the incident I was speaking of was an isolated occurance…to the best of my knowledge.)
    Austin Realtor
    Replied over 13 years ago
    The problem is that most investors don’t realize that RE investing is anything but passive. It’s a potentially risky venture – very different from buying est. corporation’s stock. You have to look @ every aspect of the transaction, and do your due diligence. Otherwise, you’re going to get screwed one way or another.
    Michael Burke
    Replied over 13 years ago
    WOW!!!!!! I cant believe this lady. This is the type of person that gives the rest of us agents a bad name. There are plenty of us that try very hard on improving the publics outlook on our profession. This kind of thing takes us 10 steps back. Its a real shame.
    Pam
    Replied over 13 years ago
    The scammed to blame? Uhm. Just maybe the victim wasn’t greedy and believed the realtor was offering a deal. Many people have done well in real estate. After all what’s the lure for most people. Most people are looking for the right place and the right time. Is this what the realto offered or purported to offer? In this case looks like the realtor was a juicy shark.
    Dallas Realtor
    Replied about 12 years ago
    For the thousands of honest Realtors, there are hundreds of dishonest. It’s sad. I witnessed a Realtor lie to her client informing them that the home they wanted was sold so they would choose the home builder that was offering her a big bonus. The buyers missed out on their dream home because she was greedy. Yes I turned her in and proud of it. They make us all look bad… like one of those ambulance chasing attorneys. Reply Report comment
    Dallas Realtor
    Replied about 12 years ago
    For the thousands of honest Realtors, there are hundreds of dishonest. It’s sad. I witnessed a Realtor lie to her client informing them that the home they wanted was sold so they would choose the home builder that was offering her a big bonus. The buyers missed out on their dream home because she was greedy. Yes I turned her in and proud of it. They make us all look bad… like one of those ambulance chasing attorneys. Reply Report comment
    Dallas Realtor
    Replied about 12 years ago
    For the thousands of honest Realtors, there are hundreds of dishonest. It’s sad. I witnessed a Realtor lie to her client informing them that the home they wanted was sold so they would choose the home builder that was offering her a big bonus. The buyers missed out on their dream home because she was greedy. Yes I turned her in and proud of it. They make us all look bad… like one of those ambulance chasing attorneys. Reply Report comment
    Dallas Realtor
    Replied about 12 years ago
    For the thousands of honest Realtors, there are hundreds of dishonest. It’s sad. I witnessed a Realtor lie to her client informing them that the home they wanted was sold so they would choose the home builder that was offering her a big bonus. The buyers missed out on their dream home because she was greedy. Yes I turned her in and proud of it. They make us all look bad… like one of those ambulance chasing attorneys.
    Dallas Realtor
    Replied about 12 years ago
    For the thousands of honest Realtors, there are hundreds of dishonest. It’s sad. I witnessed a Realtor lie to her client informing them that the home they wanted was sold so they would choose the home builder that was offering her a big bonus. The buyers missed out on their dream home because she was greedy. Yes I turned her in and proud of it. They make us all look bad… like one of those ambulance chasing attorneys.
    Dallas Realtor
    Replied about 12 years ago
    For the thousands of honest Realtors, there are hundreds of dishonest. It’s sad. I witnessed a Realtor lie to her client informing them that the home they wanted was sold so they would choose the home builder that was offering her a big bonus. The buyers missed out on their dream home because she was greedy. Yes I turned her in and proud of it. They make us all look bad… like one of those ambulance chasing attorneys.
    KU
    Replied almost 11 years ago
    Couldn’t agree more. Real estate brokers and lawyers may sound like unnecessary expenses, but I cannot emphasize enough how much you will be glad you have one intimately aware of your portfolio if you run into trouble. It’s just the same as an insurance policy.