A local broker just reported that they were working with a out of area buyer interested in land (they hadn’t met in person) who wanted to buy quickly, sight unseen and wanted escrow to be the full purchase price. There were a lot of warning bells for the agent and the broker, especially when they received a cashier’s check in the mail for escrow that was almost double the purchase price.  After some research, the check was determined to be fraudulent by a local bank.  We have posted about this type of scam before…please be cautious and take all necessary precautions! While there are many ways this could have harmed the broker, the most common is that the buyer terminates the deal and gets the escrow money returned before it was determined to be a bogus check… the escrow account is then left in a negative state when the back bounces the check. Here is a link to the recap of how some brokers got caught up refunding escrow money before it was learned that the actual escrow check was bogus. Escrow Scam