 |
Appraisers' Free Forum
Hosted by freeforums.org
|
| Welcome |
|
|
Welcome to Appraisers' Free Forum.
You are currently viewing our boards as a guest, which gives you limited access to view most discussions and access our other features. By joining our free community, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content, and access many other special features. Registration is fast, simple, and absolutely free, so please, join our community today! |
| View previous topic :: View next topic |
| Author |
Message |
Otis
Certified Residential
Joined: 11 Aug 2007
Posts: 2891
Location: High and Dry
|
 Posted: Wed Jul 16, 2008 6:46 pm Post subject: Flipping Out in 30310 |
 |
|
You've got read the whole scam to understand my shock about this one!
http://www.nationalmortgagenews.com:80/fraud/stories/?storyid=20080708c.htm | Quote: | The 30310 ZIP code is Atlanta’s most notoriously fraud-infested area. After leading Fannie Mae’s fraud lists for several years, a group of residents created a documentary.
Titled “When A House Is Not a Home,” the film shows a cluster of five properties acquired in 2000 by Kevin Wiggins, a now convicted fraudster who’s awaiting sentencing. By 2008, Wiggins had acquired 88 properties scattered throughout the entire 30310 ZIP code. As alarming as that is, Wiggins’ properties represent only a small fraction of the hundreds that were flipped by other fraudsters.
<snip>
Looking into the sales history of the first house Wiggins flipped on Lucile Avenue is quite an eye-opener. It was sold in 2000 for $58,000 in a tax sale. In less than a year it was flipped three times, with the price rising from $150,000 to $250,000 and then to $305,000 despite the fact that the 76-year-old house had never been renovated. Eleven months after the third flip, the property was foreclosed at $274,000. In early 2002, Wiggins’ company bought this REO and sold it to a speculator for $95,000 five days before Wiggins actually purchased it for $72,000, a classic reverse closing flip. The speculator on this deal, who owned multiple properties on Lucile, was able to obtain a hard-money loan for $187,500. The note and mortgage were immediately assigned to a major national bank that immediately assigned it to Fannie Mae. In the summer of 2004, about 14 months after acquiring the note, Fannie Mae foreclosed at $155,000. In January of 2005, Fannie sold it for $150,000, but less than two months later, the property was sold for $320,000. The property was sold again in the fall of 2006 for $220,000, and then foreclosed on by a national lender in November of 2007 at $202,500. As of this date, that lender remains in possession of the property.
<snip>
|
_________________
Don't believe everything you think 
What are they SMOKING?<<Link
|
|
| Back to top |
|
 |
tel
Certified Residential
Joined: 06 Sep 2007
Posts: 502
Location: NE Ohio
|
| Posted: Wed Jul 16, 2008 8:14 pm Post subject: |
|
|
wow!
_________________
Don't be a 2 bit appraiser or soon we will all be 1 bit appraisers. 4 bits or bust.
|
|
| Back to top |
|
|
WM
Certified Residential
Joined: 11 Aug 2007
Posts: 441
Location: Florida
|
| Posted: Thu Jul 17, 2008 6:26 am Post subject: |
|
|
I need a diagram for that one.
One interesting thing I noted was that the hard money lender was even fooled.
My experience with those guys is that they are some of the best clients - absolutely no pressure or hints of value. Hummm....
|
|
| Back to top |
|
|
Corporate Lackey
Certified Residential
Joined: 11 Aug 2007
Posts: 249
Location: Meechigun
|
| Posted: Thu Jul 17, 2008 8:41 am Post subject: |
|
|
| They are fooled because there are so many "sales" to support it and AVMs don't catch this type of flippery very well. You wouldn't believe the number of deals similar (not as flagrant as this one though) to this in many downtrodden Metro areas.
|
|
| Back to top |
|
|
Steve Owen
Certified General
Joined: 14 Aug 2007
Posts: 1919
Location: Joplin, Missouri
|
| Posted: Thu Jul 17, 2008 12:28 pm Post subject: |
|
|
Amazing. My head hurts.
_________________
I haven't a particle of confidence in a man who has no redeeming petty vices.
- Mark Twain, a Biography
|
|
| Back to top |
|
|
|
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum
|
Community Chest
|
Home
FAQ
Search
Memberlist
Usergroups
Calendar
Register
Profile
Log in
