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Washington Post Gives Real Estate Agents a Black Eye - More Mortgage Fraud Reports
Sheesh! You didn't need this!
While agents like all of you here at Active Rain are working hard to present and maintain a professional, trustworthy image, the Washington Post is making it sound like agents handling short sales are a bunch of crooks.
According to this article, agents are teaming up with investors to defraud both the banks and the owners of underwater homes.
The agents list the homes and find buyers willing to pay fair market value. But they don't tell the bank about those buyers. (I'd have to assume that they also don't tell the sellers, since they also stand to be damaged.)
Then, assured that they have a buyer in hand, their "investor friend" makes an offer for many thousands less and the agent backs it up with a BPO showing that this is the most they could get for that house. They close the sale to the investor, then flip the house to the legitimate buyer.
In the end, either the bank or the homeowner loses, and in many cases it's the homeowner. They're the ones saddled with a huge deficiency judgment. I'll also assume that this kind of listing agent wouldn't do much ... more

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