Friday, September 4, 2009

More homes busted out in the Grove!

Yes sir! The more we look the worse its getting! Lets start with the home located at 3309 William Ave which closed for $511/square foot while it still had a blue tarp on the roof from Hurricane Wilma! Here is the warranty deed from when seller "A" transferred ownership to party "B":

Again, based on the documentary stamps (60 cents/$100) we arrive at a sales price of $165,000 on June 5, 2008. We then find the following warranty deed for a sale from part "B" to buyer "C" THE VERY NEXT DAY:

Once again, based on the documentary stamps we arrive at a sales price of $450,000 LESS THAN 24 HOURS LATER! That's a $285,000 profit! NICE!

In researching the home on William Ave we stumbled upon another transaction that the same seller had conducted on another property close by, the home located at 3773 Frow Avenue. In this case the same party "B" from the transaction mentioned above buys this home at foreclosure on July 17, 2008, here's the deed:

Party "B" purchased the property for $129,900 then ON THE VERY SAME DAY SHE SELLS THE HOME! Here is the deed for that transaction:

Sold the same day she purchased it to buyer "C" for $500,000 THE SAME DAY SHE PURCHASED IT! That's a $370,100 profit! HOLY $HIT! What makes these two transactions even more interesting is that the seller in both cases is also one of the principals of the title company that conducted the transactions! CAN YOU SAY CONFLICT OF INTEREST?!

Take a step back now and consider once again that no one is being accused of any wrong doing or any criminal activities. To our readers I submit the following facts:
  • 3146 Hibiscus St- Bought and sold the same day with a $285,000 profit.
  • 107 Frow Ave- Bought and sold the same day with a $252,000 profit.
  • 3309 William Ave- Bought and sold the next day with a $285,000 profit.
  • 3773 Frow Ave- Bought and sold the same day with a $370,100 profit.
Between just those four homes we have a total of $1,910,000 in gross sales with a profit of $1,192,100!!!!! HOLY CRAP! Lets not lose sight of the fact that one title company handled the first two and another company handled the other two not to mention that at least in the last two cases the seller WAS ONE OF THE PRINCIPALS OF THE TITLE COMPANY! Use your imagination, there could be all kinds of monkey business going on here or could I be wrong? Is it really this easy to make money in real estate? Four deals and over a million dollars in profit within a day of the purchases? Could it be real?

WTF PEOPLE?! Four transactions and over a million dollars in profit yet the people involved haven't been touched? Does any of this make sense? Does anyone else think that this is the first time the Mortgage Fraud Task Force is hearing of any of this?

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