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Mortgage Fraud

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Jim McGrath

Junior Member
Joined
Jan 25, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Pam, here are another several cases of Flipping, it's getting closer to home. The Sunday Bradenton Herald had two articles on it today. It was disconcerting to see the list of multiple properties bought and resold on the same days. As I mentioned before the FBI has been checking several areas of Florida for fraud, but 9/11 had slowed the investigations. Glad this one got done. Check it here;
http://www.bradenton.com/mld/bradenton/5242786.htm

Jim
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
What do you think Jim? Is that a $150,000 neighborhood or a $350,000 neighborhood. Should be interesting and will probally go on for years.
 

Jim McGrath

Junior Member
Joined
Jan 25, 2002
Professional Status
Certified Residential Appraiser
State
Florida
What do you think Jim? Is that a $150,000 neighborhood or a $350,000 neighborhood. Should be interesting and will probally go on for years.

It looks like if you are selling, it's a $150,000 neighborhood, but if you are buying it must be a $350,000 neighborhood. But I'll let the FBI make that determination.

I have appraised homes in that area over $1,000,000, but I have substantial legimate support for my values. I do many reviews in these areas, and I see similar frauds occuring, with REALTOR® help.

But my understanding is that the FBI is investigating several areas around Florida, from Miami to Tallahassee.

Jim
 

SHaugabrooks

Freshman Member
Joined
Aug 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I think flipping get's a bad rap. There is nothing fundamentally wrong with it. If flipping is wrong then we'll have to arrest car dealers, retailers, manufacturers or any one else that buy something low and sell them for a profit. The real problem can be found in our own state's history years ago when real estate agents were not regulated and they sold swamp land to uneducated buyers. Today R.E. Brokers are for the most part respected as reliable council and experts.

The real criminals here are the self proclaimed real estate guru's on late night TV that teach individuals to defraud the bank and that you can deal in property with no liquidity or reserves. Problem is that you have a bunch of people out there with no education, no experience, no regulation and no conscequences all trying to get rich overnight. Individuals that deal in more than 5 real estate transactions per year should register with the state. They should be tested and regulated similar to car dealers.

:rofl:
 
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