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View Poll Results: Thoughts on the Amico house
You're overthinking it. Just put an offer in and let the title company and inspector do their job. 0 0%
You should be concerned. Take extra precautions in vetting out potential issues. 0 0%
Run! Run! Run as fast as you can away from that house. 0 0%
Voters: 0. You may not vote on this poll

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Old 07-16-2012, 09:04 AM
 
6 posts, read 9,188 times
Reputation: 10

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We are interested in putting an offer into a home that was built by the Amicos, but have several concerns. If you're not familiar, the Amico brothers and their father were charged with mortgage fraud back in 2007.

http://newyork.realestaterama.com/2007/11/01/amicos-plead-guilty-in-connection-with-60-million-mortgage-fraud-conspiracy-case-ID0112.html

Basically what they did was inflate the price of the homes and falsified documents to lenders in order to pocket the difference. So when I look at the sales history of the home I want to purchase, it was bought in 1998 for $477k from the Amicos. But in 2002, the same house was sold for $250k. When I looked up the sales history for the other homes on the same street, they all look exactly like that. It appears the home I want to purchase is one of the homes involved with the Amico scam.

My concerns with this are:
1. Will there be an issue with the title? I know during the closing process the title will be researched and I will be purchasing owner's title insurance. However, like everything that's not fool proof. So I'm trying to get ideas on what could possibly get missed or thing in particular I should focus more time on.
2. Since obviously the Amico builders weren't ethical, should I be particularly concerned with the quality of construction of the home? We will obviously have a home inspector look at the home but as I've experienced in the past they can't catch everything.

Any thoughts or advice would be greatly appreciated as we do like the home but just don't like the history of it.

Last edited by laier21usa; 07-16-2012 at 09:26 AM..
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