PORT ST. LUCIE, Fla. – The FBI says criminals have been selling Bank of America short sales that the bank never approved.

“You have to be really careful. We live in the sunniest place in the country, but we also have the shadiest people,” Jim DiPaola, host of “Talk Real Estate with Rob and Jim” on 94.3 FM said.

He explained how the scam works.

“They were telling buyers they had approved short sales through Bank of America, when Bank of America never approved the short sale. And the buyer went ahead and bought the house anyway,” DiPaola said.

The FBI said the crooks asked the title company to wire the money to a fraudulent account. FBI agents arrested three California men who they think netted more than $10 million that way.

Read more: http://www.wptv.com/dpp/news/region_st_lucie_county/port_st_lucie/impact-5-scam-warning-involving-bank-of-america-short-sales#ixzz22VU8qXmK