Last year, nearly 30 percent of new homes in the U.S. had partial or full basements, according to the Census Bureau’s Survey of Construction.
Real estate ‘flopping’ creating fraud in the home buying market
Fraudulent short sales have increased drastically over the last two years as investors acquire distressed properties at a steep discount.
Suspicious real-estate transactions have surged in the past two years, analysts say, along with the number of short sales. Short sales are supposed to be "arms-length" transactions without any relationship or collusion among the parties, but the parties often are connected. In some cases, this type of mortgage fraud involves buyers acquiring distressed properties for a portion of their value. The rest involve "flopping," where an investor – with the help of an agent or middleman – persuades the bank to agree to a much steeper discount than it should, and immediately resells the property to another buyer for a significant profit without having made any improvements.
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