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”.
