- Dec 5, 2007
- Professional Status
- Certified Residential Appraiser
I'm just researching a property (condo) in a large complex with tons of sales, noticing a large number of them are being sold to the same last name. In researching some of these sales, I noticed that they were all listed in the MLS as "short sales" HMMM. Subject to bank approval. HMMM. After talking to a couple of the agents, one confided in me that basically what is happening with these properties (same last name/but not in all cases) is they are being short saled to relatives to lower the loan amount and the family gets to keep the property. Is this fraud, NO, I guess if my brother wants to buy my house at the new reduced price and the bank says OK, that's his choice, its a free country. But does the bank know???