The Sarasota Herald Tribune reports on short sale flipping fraud that is becoming more prevalent here in Southwest Florida.
In a nutshell, real estate professionals and investors are teaming up to by undervalued distressed properties from banks and then immediately flipping the property to a new buyer at a hefty increase. The short sale flippers often cross the legal line with bogus broker price opinions (BPOs) to misrepresent the properties market value to the lender.
It is great to see that the DOJ is going after two real estate agents in Connecticut that have been charged with engaging in short sale mortgage fraud schemes.
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