wave of suspicious transactions by real estate agents sell bank owned or depressed House prices low sweep Southwest Florida, the news-press investigation shows.
Practice called flopping. in it, the banker, on the advice of a real estate agent himself, sold the property for less than the value it ‘s. Then set the properties for sale agent to the colleague who sell fast back it at a price that is much higher, sometimes the same day.
Analysis news-press and Lee County property appraiser’s notes indicate suspicious transactions have soared over the past five years: 1,916 through 6 December this year, up 78 percent from 2007 ‘s 1,076.
flopped last that one can kick in the teeth to homeowners or investors which has led to financial ruin.
Foreclosures: flopping reduces the amount of money the bank had in sales, which increased the number of deficient judgment that makes borrower is responsible for the balance of the loan after the sale.