Video #3 Short Sellers – 9 Free Videos Answering the Questions You Should Know…But Didn’t Think to Ask
Hi and thanks for tuning into Video 3# Short Sale Scams.
With all the problems we have being involved with Short Sales, now we have to worry about scams? yes, and they are rampant.
Short Sale Scams are usually a situation where an investor is offering a price way below market to the bank. What makes them scams is the fact they continue marketing the home to other buyers and they have no intension of closing without the other offer.
Here is an example of an offer I got recently. First there was a letter. They try to make you feel like they are helping you out of this messy Short Sale.
Next the offer. You can see this offer is for $100,000 less than what other buyers were willing to pay for the home. We put this home under contract as a Short Sale in less than a week and for $25,000 more than the last sale of this floor plan.
So, back to the scam. The investor waits for approval of the short sale by the bank. They then will put the home under contract with another buyer and make the spread.
Who is liable, who committed the fraud? I am not an attorney, but I know in many cases they will go after everyone involved. That could mean the listing agent, seller, buyer, buyer’s agent and the investor and his agent.
Here is an article about some agents that went to jail for this type of fraud. In this article, McElanely, the listing agent got an offer for $132, 500 but represented to the bank the highest offer was $102,375. They flipped the home and profited on the spread.
McElaney is facing a maximum term of imprisonment of 30 years, a fine of up to $1 million and an order of restitution.
This kind of activity you want to stay away from. This is why you should hire Short Sale professionals like The Cameron Team.
Call now for a FREE 1 hour consultation and let us help you!
Thank You Jeff Cameron, The Cameron Team at Keller Williams Integrity First, your Short Sale specialist!
{ 7 comments… read them below or add one }
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