Saturday, December 15, 2007
Forum
This blog is meant to serve as a forum of discussion for those who are seeking answers concerning real estate "investment" scams. If you would like a new thread started please make a request.
Identifying and Avoiding Real Estate Fraud
The following is taken from a Fraud Alert released by the Utah Division of Real Estate.
• Properties reported as “sold” or offers to buy at values significantly higher than asking price.
• Property sales history shows many sales with rapid and significant increases in value.
• Buyer purchasing multiple properties in a short period of time (often as owner occupied).
• Appraisal is dated prior to the loan application.
• “Investor” using someone else’s identity and/or credit score to purchase a home.
• Buyers providing false information on employment, credit score, income, or the occupancy of the home.
• REPC does not reflect the “true terms” of the agreement, such as undisclosed addendums.
• Unlicensed persons receiving “consulting fees” for helping “clients” purchase investment properties.
• Buyers and sellers conspiring to artificially inflate the property value and sharing the “profit”.
• Excessive payments to third parties such as unsubstantiated notices of interest or unrecorded second-mortgages.
• Using HUD-1 statements as sales verification for appraisal “comparables”.
• Properties reported as “sold” or offers to buy at values significantly higher than asking price.
• Property sales history shows many sales with rapid and significant increases in value.
• Buyer purchasing multiple properties in a short period of time (often as owner occupied).
• Appraisal is dated prior to the loan application.
• “Investor” using someone else’s identity and/or credit score to purchase a home.
• Buyers providing false information on employment, credit score, income, or the occupancy of the home.
• REPC does not reflect the “true terms” of the agreement, such as undisclosed addendums.
• Unlicensed persons receiving “consulting fees” for helping “clients” purchase investment properties.
• Buyers and sellers conspiring to artificially inflate the property value and sharing the “profit”.
• Excessive payments to third parties such as unsubstantiated notices of interest or unrecorded second-mortgages.
• Using HUD-1 statements as sales verification for appraisal “comparables”.
Submit a complaint
Use the following link to submit a complaint to the FBI if you feel you've been a victim of a real estate investment scam.
FBI complaint
Use this link to obtain a complaint form from the Utah Division of Real Estate.
Utah Division of Real Estate complaint
Submit the form by mail to:
Utah Division of Real Estate
PO Box 146711
Salt Lake City, UT 84114-6711
Submit by fax: (801) 526-4348
Contact the Utah Division of Real Estate at (801) 530-6747
Submit a complaint to the Utah Division of Securities
General Complaint
Broker/Adviser Complaint
FBI complaint
Use this link to obtain a complaint form from the Utah Division of Real Estate.
Utah Division of Real Estate complaint
Submit the form by mail to:
Utah Division of Real Estate
PO Box 146711
Salt Lake City, UT 84114-6711
Submit by fax: (801) 526-4348
Contact the Utah Division of Real Estate at (801) 530-6747
Submit a complaint to the Utah Division of Securities
General Complaint
Broker/Adviser Complaint
Provo River Bottoms
Discuss the cases of fraud in the Provo River Bottoms including Home Owners Group, Paragon Investment Group L.L.P. and Precision Title Company.
KSL story
Daily Herald story
US Attorney's Press Release
Read the indictment
KSL story
Daily Herald story
US Attorney's Press Release
Read the indictment
Atlas Capital/Atlas Marketing/Wade Sleater
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