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17 augustus 2006
Mushy Housing Market Spawns Real Estate Crime: Ypsi Man Busted
AS THE YPSI housing market continues to sag, some unscrupulous local real estate salespeople are resorting to increasingly desperate and sometimes illegal tactics. These include:
1. "Flipping" houses (selling them several times in rapid succession to artificially inflate the value)
2. "Equity stripping" (telling a homeowner facing foreclosure that the agent will keep them in their home if they turn over their equity--after which the agent vanishes)
3. Inflating property values
4. Creating fake loan documents
A recent crackdown by the state netted a dozen slimeballs including one Brian Winborn of Ypsilanti, who's now barred from the real estate world. The Detroit News article (first link) has a sidebar of tips for buyers in this market that are really only common sense, but worth repeating.
Posted by ypsidixit at 17 augustus 2006 12:48