REAL ESTATE FRAUDS The "Peak Game" is played by fraudulent real estate agents. First, the victim is sold a lot ; then, called to another real estate office, the victim hears that a buyer will pay several times the price of the first lot if, with it, the former will turn over the two adjacent lots. The victim hurries to buy the two adjoining lots, returns to the second company, and finds that the customer is gone.
Sometimes land sold to "suckers" is a tax title only. The buyer receives what seems to be a deed, in reality mere paper. The land has unpaid taxes, and is bought for their amount ; usually small compared to what the "sucker" paid. The title may prove worthless or the original owner pay his taxes and legally regain his land.
sometimes buys real estate on contract and never completes its payments, but sells the land in small lots, 2o% down, the rest monthly. The buyer goes to the office to make his last payment and receive his deed, only to find the com pany gone. The title remains with the original owner who was not paid in full.
In this some one hears that he has won a free lot, and arrangements are made for him to see it. When he visits it he is told that to build he must buy the ad joining lot or lots. If he does so, he pays more for the extra two than the three are worth. Or he is shown a very undesirable lot as the "free" one, but is sold desirable property at a high price on which the "value" of the "free" lot is credited. Or, again, he is asked to pay from $5 to $so transfer costs, making the price of the "free" lot more than its worth.
was widely exploited in parts of Florida during the "land boom," ending in 1927. The "develop ment company" sent out cards asking the recipients to respond to the sender. Those replying were told that as a stockholder in a certain company, a defunct one, they might exchange their stock and $2,000 in cash, as payment for a "valuable" lot. The scheme flourished until it was discovered that the "valuable" lot was practically worthless.
This was also exploited in Flor ida. The name of an honest and well-known real estate firm was printed in fake contracts giving the buyer such a "square deal" that sales with cash deposits were rapid. Before a victim dis covered the fraud, the swindlers decamped.
