Possible Mortgage Fraud Next Door (Atlanta: squatters, house, neighborhood)

[dbarbee82]

I live in a quiet neighborhood in Southwest Atlanta; I am a realtor and frequently look at the take records. I notice something odd about my neighbor's house. First, the family living in the house are renters. I have been inside of the house before when squatters took over it and it does not compare to mines at all. In addition to the weird floor plan and how ugly it looks, I was surprise that the house recently sold for 90K more than my house and its total appraise value is 50k less than mine. I brought my house for the mid 100's. Also, the house was not on MLS nor was there a sign in the front yard, if it was, I would have brought it myself, but not for home much the current owner paid for it, not even a 100K less than what he paid for it. So I am stumped and I don't get it. I don't plan on doing anything about it because I am not interested in getting in other's business, but there anyone else find that strange.

[beefchuck]

Report it! Someone is losing money, and not just your neighborhood

Ths stuff has always happened over there, West end area and around. It was on local news. Bad area anyways.

Ellenwood man guilty in Atlanta mortgage fraud case « Nia Knowles:West End Westview Atlanta

[lastminutemom]

I agree you need to report it. It will miss up your property tax appraisals big time.

[Parsec]

What was the mortgage amount for? If it was appraised for $50k less than yours, then it was only appraised for about $100k. If he paid $90k more than yours for it, then his purchase price was around $240k. Since the appraisal and purchase price don't match, that means he must've put down a considerable amount of money as a down payment. Did you take a look to see if the grantor and grantee have the same last names? Maybe it was a familial exchange with a cash gift involved.