Is anyone else up here in New England running into this scenario? A property listed far below the Current value( LP $150,000) thats about a mile to the Ocean. I contact the Listing Agent as soon as it pops up on the MLS, I am informed that the Seller will not accept my offer(I understand that the Seller can accept any offer they want). This Short Sale remains Pending for 6 months and eventually Sells for $105,000, Who is this lucky Buyer....You guessed it, the Short Sale Negotiator "is" the Buyer, the Short Sales Neg. secretary has recently purchsed 10+ homes, the Short Sale Negotiator owns a Investment Company that has purchased 10+ homes. And we all know this property was flipped in 2 days for a nice profit(probably assigned the sale from day 1). Any comments?? We all know the lender has no clue what just occurred.
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Hi George,
The scenario you are talking about is a short sale flip and yes, it's illegal and criminal and currently these scams are being investigated by your local US Department of Housing and Urban Development Office of the Inspector General. I strongly suggest that you report these scenarios as often as you come across them.