Report: Fraudulent property flipping bloomed in boom (appraiser, agents, investments)

[bentlebee]

Since 2000, more than 50,000 Florida properties flipped under circumstances that fraud investigators identify as suspicious - where homes, vacant land or commercial properties were bought and resold in 90 days or less and increased in value by at least 30 percent, the Sarsota Herald-Tribune found.


Report: Fraudulent property flipping bloomed in boom


Look on the public records and search some realtors names, brokers names, mortgage brokers names...etc.. and you will see how millions of dollars are wasted and now all their so called investments of the professionals are in foreclosure....wow really the people to trust to give advise to new buyers or sellers!

Of course not all professionals invested them selfs and went along but recently I searched some of the licensed agents in our area and the article nailed it!!!!

[Mercury Cougar]

Originally Posted by bentlebee

Since 2000, more than 50,000 Florida properties flipped under circumstances that fraud investigators identify as suspicious - where homes, vacant land or commercial properties were bought and resold in 90 days or less and increased in value by at least 30 percent, the Sarsota Herald-Tribune found.

Just because they were resold that quickly, and at a profit, doesn't mean they were fraudulent sales. I'm sure some of them were, but it's completely possible to buy a run-down house and rehab it in a matter of days or weeks. If you're doing it for resale, you want to turn it over rather quickly to minimize holding costs. It ain't rocket science.

[le roi]

So what you're saying is, don't trust professional salesmen?

[middle-aged mom]

It seems Florida has been ground zero for real estate fraud going back to the 50's when people bought swamp land for $1 an acre, via mail order.

It's greed no matter if the hat being worn is that of a buyer, seller, lender, attorney, appraiser or a real estate agent.