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Be Vigilant to Potential Scams

Industry Insider is a publication distributed by MIBOR every other Friday to Managing Brokers. 


Be Vigilant to Potential Scams
Last week, a notice was posted to the BLC® Welcome Screen regarding reports of a potential scam occurring around the country and most recently reported within our market. Based on the information that we were able to obtain, it is highly likely that this is fraudulent and we encourage all members to be aware. 

A caller indicating that he/she is an Asset Manager for "Team Lear" indicates that they are looking for brokers in your area to do BPO's (Broker Price Opinion) that will result in an REO listing that will go to you. They may even give an address that is truly a foreclosure. They will typically ask for a $400 deposit/preservation fee and a monthly fee of $49 to secure the assignments and listings and access to their website (now flagged as unsafe) which they claim is all refundable if you don't get at least one listing in the first year. 

While some people have reported that they have done BPO's none have been paid and most are filing complaints or disputing their credit card charges. If you experience this type of call, please report it to Jeanette Langford in the Professional Services Department at (317) 956-5241 or by email at
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2015 Metropolitan Indianapolis Board of REALTORS®
1912 N. Meridian St., Indianapolis, IN 46202
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