The Anna Maria Island Sun Newspaper


Vol. 16 No. 15 - February 10, 2016

REAL ESTATE

The downside of transparency

 

Fraud is a deliberate deception used to secure an illegal gain. For some time now, we have been indoctrinated about the negative consequences of credit card fraud and how easy it is for people to assume your identity and fraudulently obtain credit in your name. Now there may be more to worry about, and it has even worse consequences.

You may or may not know that practically every financial document related to the sale and ownership of your property is recorded on Manatee County’s Website which is open to the public. This includes the deed to your property, every page of your mortgage agreement, any liens filed against your property including mechanic's liens, IRS liens, non-payment of condo association fees and anything else that might be applicable to your real estate.

These documents contain pertinent and, in my opinion, private information in addition to your name and address. This may include your actual signature as well as the signature of the seller, the terms of your mortgage, the purchase price of your home, the date of purchase and your marital status.

Counties around the country like Manatee County have made a decision to make this information available to the public in an effort to promote transparency, but like a lot of noble purposes, this one has unintended consequences. The unintended consequences can range from simple credit card fraud all the way to producing fraudulent deeds and reselling the property to unsuspecting buyers. Investment properties are prime for this type of exposure since many are not occupied 12 months a year, making it relatively easy for swindlers to impersonate owners.

Think about how easy it is to duplicate official records once you have the appropriate information. A deed is just a piece of paper that you can print out off the Internet and Social Security numbers are not that secure anymore, since everyone asks you for yours even at the doctor’s office. Once someone has the basic information it doesn’t take Einstein to figure out how to obtain driver’s licenses, birth certificates and, of course, credit cards.

So who’s to stop you from having a locksmith rekey a vacant house after you prove to him you’re the owner and then putting it up for sale. Even a title company could be fooled, and if the potential buyer is getting a great cash deal he/she may not even use a title company. After all, who’s to say you’re not the John Smith who owns the house on Elm Place if your identification backs you up? Remember there are no pictures associated with your deed or mortgage on line, only names and signatures.

It you’re thinking this can’t really happen, guess what? It already has. In New York City where some of the smartest people live, there were 30 cases reported and four grand larceny arrests last year. The group involved was forging or attempting to forge new deeds using online records as reported by the Manhattan District Attorney’s Office, I guess the New York City criminals also are pretty smart.

The intended consequences of this column is to remind you to keep an eye on everything involving your credit and personal information. At least be aware that there are people out there who want to be you and will do whatever they can to achieve that, intended or unintended.

Real Estate Transactions
August 2015

Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

2015-10-29 265000 250000 522 Pine Ave # 8d 822 2 Br/1 Ba Condo

Bradenton Beach

2015-10-15 599000 540,000 2206 Avenue C 1557 4 Br/2 Ba SFR
2015-10-02 2,650,000 2,600,000 109 13th S St 3017 8100x100.4 8 Br/8 Ba SFR
2015-10-08 649,000 590,000 903 S Gulf Dr 51x96 SFR Lot
2015-10-20 399,900 370,000 2310 Gulf N Dr # 104 651 2 Br/1 Ba Condo
2015-10-08 385,000 372,000 117 10th N St # 112 873 2 Br/2 Ba Condo
2015-10-07 725,000 700,000 2311 Gulf N Dr 2975 50x100 Duplex

Holmes Beach

2015-10-06 450,000 390,000 410 Bay Palms Dr 1535 2 Br/2 Ba SFR
2015-10-05 435,000 400,000 2918 Avenue C 1196 2 Br/2 Ba SFR
2015-10-23 469,000 462,000 5800 De Palmas Ave 964 2 Br/2 Ba SFR
2015-10-26 499,900 475,000 204 83rd St 1454 2 Br/2 Ba SFR
2015-10-15 599,000 580,000 212 71st St 1380 2 Br/2 Ba SFR
2015-10-08 689,000 675,000 310 58th # B 1251 3 Br/2 Ba SFR
2015-10-29 1,070,000 985,000 603 Baronet Ln 2717 95x130 4 Br/4 Ba SFR
2015-10-15 1,499,000 1,200,000 611 Key Royale Dr 2784 103x162 3 Br/3.5 Ba SFR
2015-10-14 1,895,000 1,850,000 688 Key Royale Dr 3725 4 Br/3 1/2 Ba SFR
2015-10-06 3,495,000 3,200,000 2907 F Ave 2300 4 Br/4.5 Ba SFR
2015-10-05 255,000 249,000 3607 E Bay Dr # 103 1000 2 Br/2 Ba Condo
2015-10-16 324,900 315,000 709 Manatee Ave 709 1179 2 Br/2 Ba Condo
2015-10-14 375,000 350,000 6400 Flotilla Dr # 98 1185 2 Br/2 Ba Condo
2015-10-19 399,000 385,000 6500 Flotilla Dr # 185 1185 2 Br/2 Ba Condo
2015-10-15 399,900 387,000 207 75th St # East 800 2 Br/1 Ba Condo
2015-10-30 435,000 400,000 100 73rd St # 203a 100x102x68x96 1Br/1 Ba Condo
2015-10-09 585,000 555,000 244 S Harbor Dr # 3 1330 2 Br/2 Ba Condo
2015-10-15 399,000 385,000 6250 Holmes Blvd # 63 1224 2 Br/1 Ba Townhome
2015-10-02 675,000 625,000 203 77th St # A & B 2632 75x100 Duplex
2015-10-22 595,000 550,000 3801 Gulf Dr 2188 Irregular Duplex
2015-10-09 359,000 311,500 5405 Gulf Dr # A 1080 2 Br/2 Ba 1/2 Duplex

Source: Mid Florida Multiple Listing Service


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