Do high home vacancies suggest loan fraud? 
by admin
Published: December 5,2007
Time posted: 1:00 am
Re/Max West agent Phil Hoover over at Boise Real Estate Blog has noticed something interesting about the Treasure Valley real estate listings. Over half the homes for sale in Ada County and in Nampa are vacant.
It’s particularly bad in Meridian, where 800 out of 1,300 listings are vacant.
Hoover looked at the data at the request of a lender who is investigating loan fraud in the Boise area. He was surprised by the data, and found himself asking a lot of questions:
- I wonder how many of those homes were bought by speculators/flippers?
- I wonder how many of those buyers told their lender they were going to be owner-occupants?
- I wonder what happens when a lender discovers that a speculator/flipper owns several properties, lives somewhere else, and represented that he was going to occupy all of them?
- I wonder how easy it will be for investigators to discover that the same Realtor represented that buyer in a series of purchases and had knowledge of the details?
- I wonder what will happen to the Realtor who represented that buyer when the loan fraud is uncovered?
- I wonder what will happen when it is discovered that the same lender and appraiser were involved in those transactions?
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