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October 09, 2005

Framing done

Built_1 Most of today’s real estate links are seriously informational:

Trulia, a new, hot real estate search engine. (From “Rain City Guide”)

If you own apartment buildings, or if are thinking of investing in income properties, you need to have a Rental Property Analysis Tool like this one offered from “Bigger Pockets”, or others like it

Pre-Construction Classifieds: Assign your contract and find a buyer for the property before it’s built.

A real estate game - Mansion Impossible. The aim of the game is to make enough money buying and selling houses on the property market to buy a 10 million-pound mansion

Anyone else ever worry about what some of these young couples are doing upstairs in the open house?

Murphy's real estate laws. First Murphy Real Estate Law: If you can misspell “Estate”, you will. Second Murphy Real Estate Law: At least one tenant's check will be "lost in the mail" every month. (How true)

The most expensive homes in America Average price at the very top is $58.1 million, up 5 percent from 2004

Real estate Bubble Terminology

(Photo above of the framing of the new house). Many More Unusual Real Estate Stories Here

October 9, 2005 in Real estate | Permalink


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Victims of Mortgage Fraud

Fraud can take place at any point during a real estate transaction. Appraisers, loan officers, closing agents, lawyers, and even real estate agents have been found guilty of working with fraud facilitators in perpetrating real estate fraud crimes. It doesn’t matter whether the houses sell for $100,000 or $2 million – real estate fraud can happen to anyone.

If a house is not listed in the MLS service or the price is way out of line with other homes in the area, be suspicious. Most legitimate houses are listed on Multiple Listing Services, which is also a place to find out the prices of other houses in the same area.

If you want to buy a house, try to find out if you are buying it from someone who has owned it and lived in it. Property flipping is probably the most prevalent form of mortgage fraud. Property is purchased, then quickly resold at an inflated price, typically through inflated appraisals and/or doctored loan documents.

Know who you are doing business with. While many real estate agents work within a network of trusted colleagues and legitimately refer buyers and sellers to real estate attorneys, lenders and contractors, not all networks are based on honesty. Make sure your real estate agent is well established in the community.

Identity theft is sometimes part of real estate fraud. Read and review all documents involved with the sale. Make sure that you understand everything, and if you have any questions, ask. If you are unsure, or if the answers you are getting don’t add up, take the time to ask a trusted professional – CPA, attorney, or someone you know you can trust – to review the documents to make sure they are sound.

In real estate fraud, as in many schemes, high pressure tactics are a sure sign that something is not right. Do not be intimidated or charmed into a deal that does not feel right.

In a scheme known as a “silent second,” a buyer borrows the down-payment from the seller through a non-disclosed second mortgage, which may not be recorded. The primary lender believes that the borrower has invested his or her own money, in the form of false equity. While the buyer may tell you it’s okay, it’s not. Be aware that you are putting yourself at risk by pursuing this kind of a deal.

Homeowners who are at risk of defaulting or whose houses are in foreclosure are preyed upon routinely. They are solicited to transfer the deed to their home to a buyer who re-mortgages the property in exchange for a cash payment, and led to believe that they will work out a repayment plan with the new owner. The buyer then disappears – and homeowner is left with no hope of recovering their property. Never, ever transfer the deed to your home to someone without correctly documenting the transaction.

Most of the ads in newspapers offering easy, quick cash at the close of the sale of your home are from individuals engaged in mortgage fraud. Be suspicious if the ad or person involves makes incredible promises. If it seems too good to be true, it probably is.

Individuals involved in mortgage fraud are generally likeable, appear to be extremely successful, and are very good at getting people to do what they want. They are sophisticated con artists. They are usually introduced to the buyer or seller through someone they know in common, and make the ‘mark’ feel like they are about to get in on a real good thing. But mortgage fraud is a con and a serious crime, with serious penalties attached.

Posted by: ralph roberts at Oct 31, 2005 7:05:07 PM