House Flipping Scammers in New York

[flip_it_fast]

Scammers are buying undervalued properties in NY, selling them to unsuspecting buyers at artificially inflated appraised prices and raking in huge profits. Owners end up with big mortgages, way more than the actual value of the homes and often end up in foreclosure. The scamming flippers usually have corrupt mortgage brokers illegally inflating the appraised values of the homes.

Experts say the boom in subprime loans spurred a rise in house flipping. As home values soared, scrutiny of loans was relaxed, and the huge price jumps made it easier to hide inflated appraisals.

BY ROBERT GEARTY

This is a real shame, not only are these people losing their homes to the greed of others but it gives true house flippers a bad name. I hope these people are caught and stopped. I also hope buyers can become aware of this and hire their own appraiser before signing on the dotted line.

House Flipping Scammers in New York

[JaredfromIndiana]

My sister and her fiance just got taken by a guy doing the same thing. House is probably worth $80,000 TOPS, probably more like $70-75,000, and this slick investor is selling it to them for $97,000!!!!!!!!!! $97,000 I SAID!! Ridiculous!!!!!

Here's the worst part. When they started looking for a house they asked for my help since I do this stuff for a frickin living right? I enrolled them into a credit repair program to get them in better shape to buy when they were ready. We found out they needed 6-12 months to get their credit where it needed to be. I advised them to rent for a while, get to know their new area, and take their time on finding the house they really want.

So what did they do? Met this hot shot who showed them a nice house in a crappy area and they fell in love with it and then overpaid. I ripped them both when they told me about the house but they weren't havin it. I think I was most upset about the fact that they wasted SO much of my time and effort and then did their own thing. I'm not one to give advice, not even sometimes when I'm asked to give it, and this is why. I told them to NOT call me in 2 years when they are $20,000 upside down on their mortgage because I am not bailing them out.

Whew.... it was hard not to cuss in that post

[badmomma]

I personally don't think that there is any harm in getting your
own appraisal done. I could save you from some real headaches
in the future. It would also give you an indicator of the truth at
the mere mention of getting your own done. If they are trying to
scam you their reaction will let you know right away.

[flip_it_fast]

I am sorry to hear your sis got scammed JaredfromIndiana, that just stinks! These people need to be stopped! Please, please, please everyone get your own appraiser! The price you may pay for not doing so could be devastating!