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I've been looking up countless properties on the city's records system and cannot tell you how many instances of blatant fraud have popped up. Properties bought for $875k and sold via "short sale" to friends or RELATIVES for $300k. Properties sold for $700k, then $300k, then back up to $750k, then AGAIN for $320k. Massive, massive equity stripping and these people are making HUNDREDS OF THOUSANDS OF DOLLARES PER PROPERTY. WTF is going on in this city?
Original Post
quote:
Originally posted by the new yorker:
I've been looking up countless properties on the city's records system and cannot tell you how many instances of blatant fraud have popped up. Properties bought for $875k and sold via "short sale" to friends or RELATIVES for $300k. Properties sold for $700k, then $300k, then back up to $750k, then AGAIN for $320k. Massive, massive equity stripping and these people are making HUNDREDS OF THOUSANDS OF DOLLARES PER PROPERTY. WTF is going on in this city?



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That's why a lot of small mortgage companies are going out of business. The bigger companies who get funding from their 'parent' companies are staying afloat but have tons of credit losses and their 'allowance for loan losses' are going through the roof.
quote:
Originally posted by the new yorker:
quote:
Originally posted by Mad Max:
Really? I thought all the NY Guyanese brokers were crooks, thieves and liars! I find this confusing. You from New York?


~sigh~
*newsflash*
Not everyone who lives in New York is real estate broker! Did the lightbulb go on yet?


New Yorker, Maxy light bulb blow Big Grin

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