Housing Equity and Home Renovation Fraud
Sunday, October 10th, 2010 Posted in Detection, Real Estate Fraud | Comments OffThis one is growing at a phenomenal rate. Be very careful when using your home or your home equity as security for a home improvement loan. Fast talking salespeople offer to refinance your home at a lower interest rate to provide ...
The Flipper Fraud
Friday, September 10th, 2010 Posted in Detection, News, Real Estate Fraud | Comments OffThis occurs when someone buys a property in bad shape for a cheap price. Say $50,000. They make some cosmetic repairs spending say $1,000 and then sell it at an inflated price say $80,000 to a buyer who puts little ...
Protect Yourself
Tuesday, August 10th, 2010 Posted in Detection, Real Estate Fraud | Comments OffAn important step in protecting yourself from real estate fraud is safeguarding personal information. Safeguard personal information until you know who you are dealing with, how it will be used and if it will be shared with anyone. Keep personal information confidential ...
Mortgage Fraud
Saturday, July 10th, 2010 Posted in Detection, News, Real Estate Fraud | Comments OffThere are 2 type of mortgage fraud. Fraud to get a property Fraud to make a profit The first is were someone lies about facts to get a loan to buy a property. The second is where someone lies about facts to make a ...
Appraisal fraud
Saturday, May 15th, 2010 Posted in Detection, Real Estate Fraud | Comments OffAppraisal fraud. Appraisal fraud is a part of most mortgage fraud scams. A dishonest appraiser inflates the value of the property. When the seller gets the check at the closing for a bogus amount, he pays off the appraiser and ...
How To Avoid Real Estate Fraud (part 2)
Thursday, March 11th, 2010 Posted in Detection, News, Real Estate Fraud | Comments OffHow To Avoid Real Estate Fraud Other Red Flags While the above "red flags" are frequently used there are many other indicators that you need to be aware of: "Rebates" on Sales Price "Rebates" on Broker's Fee Overly Inflated Sales Prices Land Flips Commission Based on ...
Foreclosure schemes
Thursday, February 11th, 2010 Posted in Detection, Real Estate Fraud | Comments OffForeclosure schemes. These are particularly evil because they prey on people with big enough financial problems that they're in danger of losing their home. A homeowner in the early stages of foreclosure may be contacted by a fraudster who says ...
Straw buyers
Friday, January 8th, 2010 Posted in Detection, Real Estate Fraud | Comments OffStraw buyers. One of the most frequent types of fraud occurs when "straw buyers" are used to hide the identity of the true borrower, who would not qualify for the mortgage. "The perpetrators use a straw buyer because they have ...
Real estate fraud exposed
Thursday, November 5th, 2009 Posted in Detection | Comments OffBe a hero in the neighborhood: stop real estate fraud. Stopping real estate fraud requires awareness, consciousness and guts to expose those you know to be fraudulent transactions. A neighborhood association in North Minneapolis successfully abated the illegal practices of Jonathan ...
Cash back at Closing
Wednesday, April 29th, 2009 Posted in Detection, Information, News, Real Estate Fraud | Comments OffThough the action or ploy has been ruled out as illegal for a long time but people simply cannot resist the promise of cash when they do closing deal. The promise of a win-win situation for all concerned is the ...