Short Sale Scam Alert

Beware of agents who are out to make a quick buck on “Short Sale/Per-Foreclosures” by flipping option contracts. We have seen some Tampa Bay Realtors (or Short Sale Companies) obtain an “option contract” through a convoluted “Short Sale Listing Agreement”; whereby an agent (or their chosen investor) has the right to buy the home at a distressed price. When the agent finds a legitimate home buyer, they assign, or flip, the option contract and profit on the spread. Tampa homebuyers and homeowners must exercise extreme caution when handling a short sale transaction as the potential for mortgage fraud and title fraud is high. If you are considering buying or selling a short sale in Tampa Florida, avoid these fraudulent scenarios and seek the advice of an experienced advisor. Contact Team Bohannon today for details.  by Dale Bohannon