Business Opportunities - Real Estate Opportunities

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Real estate is nowadays a big business. A person needs huge investment in this business to buy property. There are several specialists in real estate. There are appraisers for land evaluation, brokers helping in the sale and purchase of property, developers who improve the structure to increase its value. Then there are managers who manage property and relocators who transfer business to another country. These people further specialize in commercial, residential or industrial property. The burgeoning business has also lead to a proliferation of swindling rackets. Many people use real estate as a front for money laundering. In the process, they dupe many poor investors who are trying to own or purchase homes by taking huge loans.

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It is possible to watch out for typical swindles. In property flipping, a person buys at a low price and then resells quickly at a higher price to a person who pays little as down payment. The seller takes back the mortgage and gets an inflated appraisal on this exaggerated sales price. The purchaser is offered the mortgage at what appears to be a discount. However, one may be left with a rundown property at the end of such a deal. This is fraudulent if it involves use of false statements to the lender. One can avoid such a situation if one check out the comparable properties on the appraisal form oneself, using ones own appraiser. One must look out for the credit rating of the new borrower and not buy mortgage, which has a number of payments, made on them.

Another scheme is to use two sets of settlement statements, one for the selling indicating the true value of the property and a second false statement showing a higher selling price for the lender. This forces the lender to give a loan amount greater than the value of the property. After the loan is paid off, the profits are neatly divided among the parties. In another idea, real estate brokers help a person to create false employment and credit records to get a loan.

One must guard against mortgage frauds. People hide facts to get a mortgage to purchase property, or they may falsify facts to earn a profit. Many people fabricate facts about their pay or job to qualify for a loan application. Often appraisers carry out inflated evaluation of properties in league with the seller and the mortgage broker to earn a good commission. Another idea is to use false credit reports and title insurance to property as well as using bogus tax returns. One must verify the facts by getting a copy of the tax return from the IRS directly.

Another sham is the equity skim fraud where a borrower pretends to be an occupant, when he intends to be a property owner. This is perpetrated to get a lower interest rate on the loan, intended for occupants of property. However, the owner intends to rent the house and keep the money during the collection and foreclosure action. Thus, a well-informed real estate investor is one who is aware of these frauds and takes care to avoid getting into murky deals.

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