Real estate scams are all too common and older people tend to be easy targets. When Jose Luis Fernandez of Sunny Isles Beach, Florida invested money with Ybis Del Carmen of Realty Golden Group, he wasn’t worried. After all, he had known her since 2012.
But authorities say Del Carmen wound up stealing more than $1.6 million from Fernandez through an elaborate real estate fraud scheme. And now, Fernandez’s life will never be the same.
"I lost everything," he told WPLG Local 10 News, the pain evident in his voice.
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A devastating financial loss
Fernandez says he trusted Del Carmen to invest his money in a six foreclosure properties valued at around $842,000, reports WPLG Local 10 News. He gave her full access to his business bank account at Truist Bank so she could facilitate those transactions on his behalf.
Del Carmen gave Fernandez documentation in support of the various sales, but it was all fake, say police. She never bought any of the properties she said she did.
Fernandez became suspicious when he wanted his money and Del Carmen kept making excuses about why it wasn’t available. Now, he calls his situation "very complicated."
Members of the Sunny Isles Beach Police Department arrested Del Carmen, who faces charges of organized fraud and grand theft, says Local 10 News. And there’s concern that she may have defrauded investors other than Fernandez. People with knowledge of her real estate fraud, or related fraud, are encouraged to report it anonymously at 305-471-8477.
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Real estate scams are an ongoing problem
In 2024, there were 9,359 real estate fraud complaints filed, according to the FBI’s Internet Crime Report. All told, consumers lost more than $173,000 million to real estate fraud.
Sadly, it was older people who were most likely to lose money to real estate scams.
In 2024, people ages 50 to 59 lost $22,466,504 to real estate fraud, compared to $6,623,054 among people in their 30s and $9,331,733 among people in their 40s. But people ages 60 and over reported 1,765 real estate crimes last year totaling an astounding $76,324,236 in losses.
Because so many older people live or retire in Florida, it’s not surprising that the state ranks among those with the most fraud complaints. In 2024, Florida came in third in that category, following only California and Texas. It was also third in terms of total financial losses.
A big reason older people may be more likely to fall victim to real estate fraud is that they have more assets than their younger counterparts. And as the FBI states about scams in general, "Seniors are often targeted because they tend to be trusting and polite. They also usually have financial savings, own a home and have good credit — all of which make them attractive to scammers."
In the context of real estate, the problem is that it’s not difficult to create documents that look legitimate. Scammers can download public records and duplicate or manipulate them in a way that seems official.
Plus, it’s just not that difficult to pull off a real estate scam in general, even when the victim is someone younger and relatively tech-savvy. All a criminal needs to do is search for listings, pretend to be the agent in charge, forge some sale documents and take people’s money.
It’s easy enough to look at public records to find a given property’s rightful owner’s name. From there, anyone can draft a contract, get a fake notary stamp and take other such actions that lead an innocent person to believe they’re buying real estate when they aren’t.
How to spot a real estate scam
You don’t necessarily have to be older to fall victim to a real estate scam. But if you’re vigilant, you can potentially avoid one.
First, be wary of properties that seem like too much of a bargain. If you do some research and find that the average home price in your area for a three-bedroom is $400,000, a similarly sized home being sold for $200,000 should raise a red flag.
Also, be careful with off-market properties. If a given home isn’t listed on MLS, you may want to stay away.
It’s also important to verify the credentials of anyone who tries to sell you a home. Before you agree to a transaction, get references for the real estate agent involved and check up on their license to make sure it’s valid.
Unfortunately, it’s possible for someone to have a valid license and still engage in fraud, but it’s an extra layer of protection nonetheless, which means the fraudster has more to lose.
Finally, always read your paperwork thoroughly and dig up all of the necessary property details. Inspect the deed and title of the property and review your contract carefully.
Your best bet may be to hire a real estate attorney who is not only able to review your contract, but help with their expertise to do due diligence so you get extra peace of mind.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
