Short sales using straw buyers. The majority of this type of sale is by an unlicensed person who wants to flip the property. In some cases they use a short sale facilitator who looks for homes that are on the verge of foreclosure and persuades the lender to accept a low offer. This is usually done using straw buyers, questionable or self-interested broker price opinions or appraisals and by failing ot disclose that a sale at a higher price has previously been negotiated.
Secret payments to a junior lein holder outside of escrow without the knowledge of the senior lien holder. This is definetly a way to commit fraud. Such undisclosed payments are likely illegal. All payments must appear on the HUD 1 statement.
There should not be dual or multiple contracts, only one that show all the conditions of the sale. That would include a second verbal contract that is not shown in the written contract.
Always deal with an honest and forthright Realtor who know the laws when doing a Short Sale. Always be careful and deal with professional Realtors to avoid a fradulent short sale.
Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"
949-282-2521
Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!
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