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Gold Regular Contributor
Andiamo53
Posts: 2,084
Registered: ‎07-12-2010

Silverlake Short Sale Scam

Another obvious short sale fraud. Listed in August for $719K (and worth close to that price in this very good part of Silverlake). Sold last week for $450K--same realtor for buyer and seller. I guess this short sale sh*t is still going on.

 

http://www.redfin.com/CA/Los-Angeles/3132-Berkeley-Cir-90026/home/7058694?

Trusted Contributor
mnsweeps
Posts: 196
Registered: ‎06-04-2008
0

Re: Silverlake Short Sale Scam

One in Stevenson Ranch echos the same . Check the one photo they listed and ouch its so bad no one wants it. ;-) 

 

Both agents are from the same company

 

http://www.redfin.com/CA/Stevenson-Ranch/25724-Lewis-Way-91381/home/5999767

 

Super Contributor
brandonbw
Posts: 224
Registered: ‎03-20-2012
0

Re: Silverlake Short Sale Scam


Andiamo53 wrote:

Another obvious short sale fraud. Listed in August for $719K (and worth close to that price in this very good part of Silverlake). Sold last week for $450K--same realtor for buyer and seller. I guess this short sale sh*t is still going on.

 

http://www.redfin.com/CA/Los-Angeles/3132-Berkeley-Cir-90026/home/7058694?


After we had an issue with bidding about $50k higher all cash than what the short seller accepted on another house we learned that there is really nothing you can do about short sale fraud.  I found this out right as we were closiing on our current short sale.  No one cares once again about the fraud going on.

 

I don't think anyone can say oh yeah the higher offer all cash is the one to not take.  But what I thought would happen might, the smart people who thought going the fraud route last go around and saw nothing bad happened, are going to game the system completely this time around.

Super Contributor
kompeitou
Posts: 273
Registered: ‎04-25-2008
0

Re: Silverlake Short Sale Scam

 

Could this be where some wealthy international buyer comes in with 750k all cash (or some amount close to that) and then gets the seller to agree to list it as sold for 450k so the taxes will be lower?  

 

Or maybe it sells for 450k, but then there is also a big envelope of 300k cash passed under the table at close of escrow.  

Gold Regular Contributor
sheriff
Posts: 2,046
Registered: ‎06-01-2012
0

Re: Silverlake Short Sale Scam

[ Edited ]

If the short sale is substantially below market the county assessor will make an assessment of the property that is closer to market value.  If it is not an arm's length transaction the assessor does not have to use to sold price. but can use comps instead.  It does not violate prop 13.

New Visitor
SFVGoodRealtor
Posts: 1
Registered: ‎01-06-2013
0

Re: Silverlake Short Sale Scam


Andiamo53 wrote:

Another obvious short sale fraud. Listed in August for $719K (and worth close to that price in this very good part of Silverlake). Sold last week for $450K--same realtor for buyer and seller. I guess this short sale sh*t is still going on.

 

http://www.redfin.com/CA/Los-Angeles/3132-Berkeley-Cir-90026/home/7058694?


Send the info. to the California Real Estate Fraud Report website . . .