Comments on: Gambling in Casablanca? http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/ The Unpredictable Union of Pragmatism, Idealism, and Cynicism Fri, 09 Jan 2009 12:30:55 +0000 http://wordpress.org/?v=2.6.2 By: Del http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/#comment-12198 Del Sat, 03 Nov 2007 12:19:36 +0000 http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/#comment-12198 What a great example your dad set. So shines a good deed... What a great example your dad set. So shines a good deed…

]]> By: Brian http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/#comment-12180 Brian Sat, 03 Nov 2007 01:36:09 +0000 http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/#comment-12180 I'm not aware of such nefarious activities, although I don't put anything past people. I’m not aware of such nefarious activities, although I don’t put anything past people.

]]> By: wayne http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/#comment-12155 wayne Fri, 02 Nov 2007 14:02:47 +0000 http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/#comment-12155 Brian, the reason they overappraise is so that the bank will lend the buyer 100% of the price and not $90. The seller will create a "Phantom or "silent second" mortgage for the other 10-20% and then at closing, tear it up. The bank is tricked into financing a home with zero equity. One seller will deposit a check for the "down payment" into the buyers account to fool the bank then have the buyer return it at closing. Brian, the reason they overappraise is so that the bank will lend the buyer 100% of the price and not $90. The seller will create a “Phantom or “silent second” mortgage for the other 10-20% and then at closing, tear it up. The bank is tricked into financing a home with zero equity. One seller will deposit a check for the “down payment” into the buyers account to fool the bank then have the buyer return it at closing.

]]> By: wayne http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/#comment-12154 wayne Fri, 02 Nov 2007 13:59:34 +0000 http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/#comment-12154 This one from MLS listed on June 8 for $220 and sold on June 13 for $255k...... 217***p 06/14/06 PND RES 01 7012 XXXXXX DRIVE SELLER... $254,990 6 85700 06/13/06 UPD 01 SELLER... $254,990 5 85700 06/09/06 PHT 01 SELLER... $220,990 85700 06/08/06 ACT 01 XXXXXXXX... $220,990 85700 This one from MLS listed on June 8 for $220 and sold on June 13 for $255k……

217***p
06/14/06

PND
RES
01
7012 XXXXXX DRIVE
SELLER…
$254,990
6
85700

06/13/06

UPD

01

SELLER…
$254,990
5
85700

06/09/06

PHT

01

SELLER…
$220,990

85700

06/08/06

ACT

01

XXXXXXXX…
$220,990

85700

]]> By: wayne http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/#comment-12153 wayne Fri, 02 Nov 2007 13:50:29 +0000 http://www.flashpointblog.com/2007/11/01/gambling-in-casablanca/#comment-12153 Happens all the time here. There are some new entire subdivisions over appraised. When you see a house listed for 150k on monday and sold for 175 on friday, something is fishy. It is a federal offense and one day the chickens will roost. Happens all the time here. There are some new entire subdivisions over appraised. When you see a house listed for 150k on monday and sold for 175 on friday, something is fishy. It is a federal offense and one day the chickens will roost.

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