Short Sale Fraud on the Rise, California Department of Real Estate Warns
[caption id="attachment_2847" align="aligncenter" width="300" caption="Short Sale Flipping, or "flopping": The Newest Housing Fraud Trend"][/caption] A new term: "Short Sale Flopping" is on the rise. It's actually been around for years, I have been getting emails from investor guru's about it since 2006 I think... Investors, Agents, and valuation shysters are talking servicers, banks and mortgage finance companies into selling properties for much less than market value and then re-selling for a quick profit. Besides being a slime-ball way to make a quick buck; It is really helping to screw up our market, and isn't our market messed up enough? We certainly don't need extra-low comparable sales that could be used in Broker Price Opinions and appraisals to move the market even...
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