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Short Sales are Bank Fraud?

Reblogger
Mortgage and Lending with The Jonathan Arnold Team of Inlanta Mortgage

 

This is a great conversation starter....

 

 

Original content by Anthony Mosley

Not all short sales are bank fraud. According to this story, there is a vast majority of Agents out there Short Salesdoing the same thing.

http://ow.ly/16EvWb

I have scratched my head when I have been presented this business strategy. Is there any body out there who can clarify the profit agents are making off short sales?

 On a side note, is this kind of what the banks are doing to the FDIC and TARP?

 

 

 

 

 

 

 

Posted by

 

 
 
  Katrina Cole  

Katrina Cole

Business Development

The Jonathan Arnold Team
   


Inlanta Mortgage, Inc
2029 Celadon Dr NE
Grand Rapids, MI 49525

 
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Comments (2)

Michael Gordon - Colorado Springs Mortgage Lender
Peoples Mortgage Corporation - Colorado Springs, CO

Katrina....I've seem this strategy a couple of times involving simultaneous closings. Usually an attorney has entered into a contract to purchase a home under a short sale, and before they even close they have entered into a contract to sell for more than the short sale price. My advice is RUN AWAY. That said, most of the short sales are legit.

Feb 24, 2010 08:04 AM
John Thomas
E3 Green HOMES - Boulder, CO
EcoBroker, MSEE, MBA

Looks more like a case of stupidity and greed than anything else. I haven't done many short sales but I think the vast majority of people doing them are legitimate.

Feb 24, 2010 08:19 AM