There has been alot of talk about arm's length transactions lately and the banks "new" addenda needed. There has also been talk of flippers, floppers, scammers, investors etc.
If we want to know why the banks think everyone is trying to scam them, read this article and the thousands of others like it.
Like it or not, this is what we have to deal with.
Scammers always seem to make a buck in tough times
Here are a few paragraphs.
'One of the more glaring results of the CoreLogic study was that short sales resold on the same day had an average of a 34 percent gain ($56,947) between the sale prices.'
According to the study, “suspicious” transactions are short sales that might have caused the lender to incur unnecessary losses. “Suspicious” short sales are defined as:
• a new transaction less than one month after the short sale where the new sale price is at least 10 percent higher than the short-sale price;
• a new transaction less than three months after the short-sale where the new sale price is at least 20 percent higher than the short-sale price; or
• a new transaction less than six months after the short sale where the new sale price is at least 40 percent higher than the short-sale price.
The study examined more than 450,000 single-family residence short-sale transactions in the past three years. It noted that some legitimate property rehabilitation and “flips” — where repairs and improvements were made — have occurred within the “suspicious” time frame.
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Jeff have a closing today with BOA waiting on Final HUD from BOA..Nothing! Need it ASAP..Any suggestions?
No he is not responding to anything for two days now. Title company wants to cancel and then I will have to extend and get all that approved.
We have no contact information . Equator has only Bruce Morales and no number or email is correct. I've called BOA and they still give me the same number doesn't work. So title company is trying but we have no current contact info to get the Final HUD..
LOL... Jeff I know you don't want me on this thread.
All I can say is there is NOTHING SUSPICIOUS about any of this. (so long as there was full disclosure)
Hi Jeff,
I am not an agent but, speaking as a short sale participant, I am just as concerned about scammers. However I feel there is plenty of blame to go around. I think the problem is evident in two areas of the transaction in particular. In the real estate industry and lending institutions. I feel the problems could be minimized or significantly reduced from a real estate standpoint by:
From the lending institution standpoint, they should:
When I look at the lending institution industry, I see red tape and bureacracy. When I look at the average real estate agency, I see the private sector, the average person trying to make a buck.
LOL... Jeff I know you don't want me on this thread.
All I can say is there is NOTHING SUSPICIOUS about any of this. (so long as there was full disclosure)
I would like to know why the investor is such a big secret. Disclosure, right?!
We have no contact information . Equator has only Bruce Morales and no number or email is correct. I've called BOA and they still give me the same number doesn't work. So title company is trying but we have no current contact info to get the Final HUD..
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