Just came across this post today from a couple of months ago. The theme is as true today as it was when the post was written. If you are considering investing in Short Sales in the way highlighted here, you best have your toothbrush with you at all times......
ActiveRain Blog on Phoenix Short Sale Fraud= Interview With Channel 12 News
In April, I wrote a blog on ActiveRain titled, "Attn: Distressed Homeowners & Listing Agents: BEWARE OF THE NEGOTIATOR/INVESTOR". In a nutshell, the blog talked about the recent rise in what I feel are fraudulent schemes that are being perpetrated more and more in the Phoenix short sale market.
Anyone who lists a fair amount of short sales have dealt with them. You know, the realtor or investor calls on one of your listings, wanting to offer 50% of market value, and wanting to do all of the negotiating themselves (on behalf of them and your client). They preach of their track record in closing short sales successfully, promise full disclosure to all parties, yada, yada, yada...
I actually had an investor call me a few weeks ago who wanted to write an offer in this manner. Playing along with him, I asked him how he expected to get the lender to approve a price that was about 50% of market value. He told me that he has several strategies, one of which, and these are his exact words...."I've had good luck sending in pictures of the house in total disarray. We've even gone into homes, taken the doors off of the kitchen cabinets, pulled the appliances out, and removed light fixtures in order to show the bank how much work needs to be done on the house. We just store everything in the garage, and once we get our offer approved, we go back in and replace all of it, just as it was".
I almost dropped the phone.
The point of the blog was to point out to both homeowners and listing agents this growing trend, and some of the implications to be aware of. A reporter with our local NBC affiliate ran across my blog I wrote on short sale fraud, and called me for an interview. Although he spent about an hour interviewing me (I had lots to say, as you can imagine), he only used short "blurbs" in the airing. For a two-minute story, I thought he did a good job. He interviewed Judy Lowe, our AZ Department of Real Estate Commissioner (who is doing a fantastic job, I might add), as well as a member of the FBI Task Force on mortgage fraud.
Like I said at the beginning of this blog, the reporter actually found me when he googled "Phoenix Short Sale Fraud", and called me for the interview. I can honestly say that I've been interviewed almost a dozen times in the past year based on blogs I've posted to AR. Yet another example of the true power of this place!
Summit Home Consultants
If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.
Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!
Tony Marriott - Chief Executive Officer - Haven Express @ Keller Williams Arizona Realty
Suzanne Marriott - Chief Learning Officer - Haven Express @ Keller Williams Arizona Realty