Found on the FBI website...
This photo is from a condo that was involved in a mortgage fraud. The appraisal described “recently renovated condominiums” to include Brazilian hardwood, granite countertops, and a value of $275,000.
Minnesota is in the top 10 for Mortgage Fraud. As Senior Housing Vacancy Rates Increase, and seniors and their families become more anxious to get the family home sold, they are prime targets for schemes to refinance the home, or for innacurate appraisals.
If it seems to good to be true, it probably is.
great post today!
Posted by: California Reverse Mortgage | May 26, 2008 at 04:07 PM
Good post. It’s amazing how many realtors post complete junk. Some people spend zero time and effort on even the basic stuff like photography. Thanks for this amazing real estate blog.
Posted by: Miami Condos sale | May 28, 2010 at 04:38 AM