According to Real Estate Insider News, Corelogic released their 2010 “The Cost of Short Sales” study that puts hard numbers of what is really happening with short sales…and….they are claiming 1 in 53 short sales were potentially fraudulent.
Right smack in the middle of the short sale fraud, claims Corelogic….are…Realtors.
The study projects that more than half of short sales happen in Arizona, California, Florida and Texas and will cost lenders an estimated $310m in unnecessary losses during all of 2010.
Lenders lose on average $41,500 per short sale due to mistakes, inefficiency and potential fraud.
For example: Potential fraud, flipping or offer misrepresentation, likely happens in 1 in every 53 short sale transactions. This information is based on Corelogics study of short sale transactions from the past 2 years.
CoreLogic also found the number of short sales have more than tripled since 2008.
Typical example of short sale fraud.
If you to sell your home as a short sale, look for a Certified Short Sale Specialist. If you are buying short sales, be sure your are dealing with a Realtor with integrity as well as specialized knowledge in short sales to make certain you are safe long after the deal has closed.
Call the 24-hour Home Hotline to find the best Realtor in your area: