In Oklahoma City like all major cities there are people who will take advantage of others misery to make a quick buck. In short sales they are called third party entities. What happens is some one comes to me with a contract at a low price, and not only wants me to push it through with the lender, they also want me to relist it for them so they can skim an extra profit with the profiso that I don't tell the mortgage company. After all I will get even more commission so what not. The why not is that I don't want to go to jail first and foremost because this is criminal fraud. But even worse, I would make a seller party to fraud and it's one thing for me to act illegally, that is bad enough, but to include you is an awful and unecessary thing to do.

Mortgage companies expect us to get a fair market value for a home. They also expect us to be transparent with them about the transaction and that only the two parties of a homeowner of record and a real buyer who has been to a mortgage company and will close. These third party frauds have no intention of closing. I have also been instrumental in having information go out to all Oklahoma City REALTORS® through our Board that it is unethical to list a property for anyone who is not the owner of record subject to a large fine and suspension of license. 

Mortgage companies estimate that fraud is costing them over $41,000 a home in lost recovery. The new software tracks the sale after it closes, so if these close back to back without money coming from a real buyer the software will detect it. Lenders have considered even implementing a 90 day freeze on resale but I hope that does not come to pass. I have investors who buy short sales becasue of the long term rental cash flow, and people who buy homes in bad condition and fix them up for resale deserve a profit for their risk. Don't fall for these scams because people are going to jail all over the country. With short sale volume up 1000% this year the conditions are ripe for for short sale payoff fraud.

If you are an Oklahoma City distressed homeowner who can't make your mortgage payments we can help you with a short sale that is legal and ethical. You should get nothing less than integrity in saving you and your family from the further loss of your credit standing and avoiding foreclosure. 

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net