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FLOPPING . . . IS IT BPO FRAUD? . . . OR IS IT A UNIQUE TRANSACTION WITH UNIQUE SERVICES TO DIVERSE CLIENTS?
Ken Cookposts about "BPO Fraud" as defined by the Sarasota Herald Tribune.
O.K. COLOR ME JADED. Frankly, I'm more concerned about the article in the Herald Tribune than I am about the prospect of "FLOPPING" by a conspiracy between a real estate agent and a relative who buys the property at a below market price. Frankly, I don't buy it. How many real estate agents have relatives or friends "at the ready" to buy a specific property from a bank based on a fraudulent BPO??
"The March 7 letter references an article in the Sarasota Herald Tribune titled The new flipping: short sales which reports "Questionable short sales accounted for 1.4 percent of all property sales in Sarasota and Manatee counties this year.""
So a newspaper article is "questioning the standards" of real estate broker price opinions???? That's a laugh. On what authority do they "question" short sale valuations??
My opinion?? I'm perfectly fine with appraisers protecting their turf and property appraisals are their turf. However, neither the BPO nor an appraisal sets the list price of a property for a buyer or a seller.
IMO, this newspaper article is the epitomy of making a mountain out of a mole-hill. Does BPO fraud exist?? Of course, it does. Fraud exists in just about every facet of real estate transactions, sooner or later. However, the actual numbers are probably so small that it's like a gnat gnawing on an elephant's hide.
The Devil is in the details. The article cites numbers of properties purchased and resold quickly. However, the article fails to state the type of purchase and financing involved in each transaction. It is not unusual for an investor to purchase a foreclosure for cash and then offer it for resale to a home owner occupant with financing. In fact, I've seen cases where the original investor and the eventual end buyer bid on the same property at first listing by the bank/owner. The investor took the property in a cash transaction/no inspections, etc. However, when the consumer purchased, they needed financing, warranty, inspections, etc. which the bank wouldn't provide.
So, the bank sold the property to the investor and the investor sold the property to the consumer.
THE BANK GOT THE "QUICK AND EASY" SALE THEY PREFER. For the life of me I can't see where the bank lost. If they had been willing to provide inspection repairs, warranty, financing help, they could have sold it to the consumer the first time around. But, they didn't. Banks want quick and easy cash sales with no inspections or warranties. So be it. They sell for less.
I believe that, while I'm sure there are instances of "flopping", I don't believe it's as serious as the newspaper article cites.
The Devil is in the details and news reports seek the sensational. When one understand how transactions work, we know that, in the big picture, BPO Fraud is a manufactured problem.
"Honey, did our agent say why we didn't get the house??"
"Yes Dear, she said that the bank sold to an investor with ALL CASH and no inspections. However, she has already made contact with them and the home will be on the market again. The price will be higher but it we'll be able to use an FHA loan and have a home inspection."
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.