The only thing I really want to know is where the actual price of the properties “bought” under this scam actually end up.
50% or more below their fraud buy price seems reasonable given,
1. the last sale was fraudlent and potentially envolved 10-20% cash back or a known ability to future fraud it for 10-20% cash on a refi.
2. the only reason the home sold at all was it was involved in the scam.
3. some neighborhood ‘blocks’ have as many as five homes involved in the scam. Literally, one scam price inflates the next scam price.
If you look to Murrieta, the condos in Ladera Ranch, parts of San Marcos and potentially 4S ranch the story is the same, fraudulent sales setting the comp price for more fraudulent sales.
So if fair market value is approaching 50% or so, what’s the REO going to go for if they have to clear several hundred out in a few cities?
