Gay real estate San Diego would like to warn home buyers and property investors that San Diego is a very large city with many different types of personalities in it. Of course, like any other massive city, it has its fraudulent salesmen and con artists. It seems that over the past few years, there has been a scam that is particular to the city that has been running in San Diego that you should be aware of if you would like to buy a home.
This scam became noted by some investigative journalists for a weekly paper in San Diego about three years ago when they noted that more than eighty condos in the North San Diego County area had been sold for an incredibly high price that was followed by an almost immediate foreclosure. The journalists discovered a scam that at the time was dubbed “A Staggering Swindle."
In this swindle the con artist, who also had been masterminding similar swindles in the last decade in California, talked scores of people to let him use their identities for a fee. He did not get caught until he got very greedy while buying condos in San Diego. In essence he convinced dozens of people to rent them their credit scores. Gay real estate San Diego then learned that he only rented good credit sores so that he could trick banks into granting mortgages to those individuals. The con artist’s main tact was to buy several condos in one person’s name. The units were often bought for a lot more than what the market was worth at the time. This is why gay real estate San Diego experts warn all home buyers and investors to do some research and find out what the market is worth when it comes to buying in a certain neighborhood and buying a certain type of home.
In the end the criminal made a profit after the properties were foreclosed on by keeping the difference from what he agreed to buy the condo for and the money that the bank approved for himself. This was so profitable that this con-artist managed to hijack more than $120,000 in profit from three of the transactions he put together in San Diego alone. In his entire career of creating false mortgages it was estimated that he made more than $12.5 million. In the end the people that ended up paying for this fiasco were the taxpayers because the lender that he dealt with in San Diego was government controlled.
As a buyer and a seller, gay real estate San Diego warns that mortgage fraud is wide-spread all across the country. You need to be very wary about who you give your ID to and who is telling you what you need to hear. Your best bet against accidently falling prey to a fraud scheme is to hire reputable real estate agent at services like GayRealEstate.com who work in the neighborhood that you want to buy in, and have built trusted relationships with mortgage lenders.