I’d like to get your thoughts on what may be happening here.
The facts:
Property listed on the mls for 119,900. On the market for approx. 6 months. Very slow market. Sells for 135K with 95% financing fannie mae form 3011. I don’t question the appraisal unless the house was trashed. But why would a buyer pay 15K more than the house was listed for? That’s way more than the 3% seller paid closing costs/credits allowed, right?
EH
Is it possible that the extra $15,000 is being put into some kind of repair escrow?
If it needed that much in repairs would a lender loan 95% conventional? I would think the deal would be kicked out. Also, there are plenty of fixed up homes for sale here in exc. condition that can’t sell so why would a buyer want to go thru all those hoops? When they can buy hundreds of others in much better condition? What are they going to save? A couple thousand?
EH
Good points, and great questions. Seems very strange to me as well.
Well the thing is this. ATL is one of the mortgage fraud capitals in the country. Why? Because people can’t sell. I just find it amazing that a title atty and mortgage broker and re broker and maybe the appraiser would jeopardize their licenses to do a piddling deal such as this. Maybe they are doing a bunch. I’ll look into it.
I know from first hand experience this occurs. When I was in FL. I was helping someone in ATl do a short sale. We had an ATL re agent approach us to sell for about 30-40K above our asking price if we would agree to give the money back to the buyer.
I told him not only to get lost but also told him he would be spending some time in jail for this offense. GA is cracking down on this nonsense and maybe I’ll get a reward for turning in all these fraudulent deals. $$$$$
So, I’m here on record to tell anyone in ATL doing these deals I will report you to the authorities. Why? Because you are cutting into my action illegally. These people can’t sell and I’m buying not you! This deal along with others will be reported to the state comptroller and the GBI.
Have a nice day!
EH
You reap what you sow - what goes around comes around - you live by the sword, you die by the sword (pick one)…sounds like it may be contagious in Atlanta. After all (to quote YOUR thread), “You’ve got to lie”:
http://www.reiclub.com/forums/index.php?board=31;action=display;threadid=20681
So it’s OK for you to lie/cheat/steal but when others do it to you…?
Keith
You know it’s getting bad when the con artists don’t even get along.