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Otis
Certified Residential
Joined: 11 Aug 2007
Posts: 2899
Location: High and Dry
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 Posted: Tue May 06, 2008 7:52 am Post subject: Wave of failed deals - Businessman linked to 150 foreclosure |
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http://www.rockymountainnews.com/news/2008/may/02/wave_failed_deals/ | Quote: | A former state prison guard was the key figure in a series of deals stretching from Pueblo to Arvada that are now linked to more than 150 home foreclosures on mortgages totaling at least $21 million.
In the wake of the failed deals by Danny DeGrande, 36, a corrections officer turned Centennial real estate broker, a half-dozen apartment complexes - which he converted to condominiums - stand half empty and in various states of disrepair.
<snip>
Pueblo appraiser Ivor Hill got a call in September 2006 from a land title company in Philadelphia. The company had seven mortgages involving the same buyer. No payments had been made in 15 months.
The title company wanted Hill to look into it.
Those seven mortgages were part of more than 30 sales that DeGrande brokered for retired school teachers Jose Ben Aguilar and Joan Aguilar between July 2004 and early 2005. The Aguilars had acquired the single family homes over 25 years.
But all the buyers that DeGrande found for the Aguilars had then allowed the homes to slide into foreclosure, according to Pueblo County records.
One man bought 16 of the houses, while another man, who worked with DeGrande, bought six with his wife, according to the records.
Hill's review of seven of the houses DeGrande had sold for the Aguilars had sales prices inflated between 53 and 138 percent over market value.
"They were garbage," Hill said. "They were grossly inflated."
Hill complained to the state real estate division, which in June 2007 yanked the license of appraiser James Esters, who valued the Pueblo homes. In addition, the Pueblo County Assessor red-flagged all of the sales, saying they were inflated and not to be used for comparison.
But the state's Real Estate Division didn't make the connection to DeGrande at the time, said director Toll. Her new policy to investigate brokers involved with appraisers who had been sanctioned went into place months later, she said. |
Emphasis added
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Steve Owen
Certified General
Joined: 14 Aug 2007
Posts: 1935
Location: Joplin, Missouri
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| Posted: Tue May 06, 2008 9:27 am Post subject: |
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Hmm. Now he'll probably get to see his old job from an entirely different angle.
_________________
I haven't a particle of confidence in a man who has no redeeming petty vices.
- Mark Twain, a Biography
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tel
Certified Residential
Joined: 06 Sep 2007
Posts: 507
Location: NE Ohio
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| Posted: Tue May 06, 2008 11:51 am Post subject: |
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And the 1st comment he will hear from Bubba in the big house is.....come here sweet cheeks don't I know you.
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Don't be a 2 bit appraiser or soon we will all be 1 bit appraisers. 4 bits or bust.
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