Michael and Maurina Joseph fell victim to a real estate scam when they placed their life savings as a down payment on a house that was never for sale. After being led to believe they were purchasing a multifamily property in foreclosure, they handed over $15,000 but encountered numerous red flags, including an inability to view the property. After failing to reclaim their funds through small-claims court, they turned to a local reporter for help. Their case underscores the increasing risks for homebuyers in today's competitive housing market.
"We thought it was the American dream for us," Maurina said in an interview with ABC 7 New York.
Trevor Waterman, a Brooklyn, NY, real estate agent, told the Josephs that their dream home was in foreclosure.
Not only did Pineda help the Josephs get their full deposit back, but she also discovered the home had never been for sale.
The Josephs' story highlights how the complexity and high stakes of real estate transactions can create opportunities for exploitation.
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