In January 2011, Renan Rico bought a home for $25,000 and moved his family in. Then, after completing tens of thousands of dollars of renovations, he started receiving notices that the home was owned by a bank and under foreclosure.
Turns out the realtor they bought it from, Ricardo Ribas, didn't own the home. Nor did he represent the people that did. Nor was he actually a realtor. Basically, he was an "unrealtor."
Ribas had pretended to be a realtor, and in the case claimed that he had bought the home he was selling along with several others at auction.
Rico and his family moved in, even thought they didn't receive the title. Ribas told him that the closing was pending. In the meantime Rico had spent $20,000 upgrading the home.
The bank eventually forces Ribas and his family out of the home.
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Police arrested Rico today on charges of grand theft. They believe that others victims may have also fallen for his scam. Anyone who may have dealt with Ribas is asked to call Economics Crime Bureau at 305-994-1000.
In any case, this is the most appropriate use of our "Unreal Estate" category ever.