When it comes to real estate scams, it takes all types of people to run them. Unfortunately, many of these scammers are so skilled at what they do that can easily come across as honest and reputable. Furthermore, these con artists come in all shapes and sizes, which means even those who might never suspect could be involved in real estate scams. Here’s a look at just a few that have been convicted in 2010.

It’s a Family Thing

In January of 2010, a father and son team from North Carolina was convicted of mortgage fraud. Apparently, the team worked together with other con artists from January 1998 through April 2004 as they took advantage of unsuspecting buyers. Through their scam, the team sold properties containing trailers to low-income individuals and then provide false information to the buyers regarding the cost of the properties and the payment amounts. The properties would then be foreclosed upon, mostly by lenders who were co-conspirators, and the properties would then be re-sold to “investors” who would resell the properties at inflated prices obtained through fraudulent appraisals. The father, Alford Rooks, was sentenced to five years probation. The son, Daniel Adam Rooks, was sentenced to 87 months in prison and five years of supervised release.

The Rich Take a Fall

Vladislav Baydovskiy from the state of Washington was convicted for obtaining loans from unqualified buyers with the help of fraudulent information. Baydovskiy used his position as a mortgage banker who operated two brokerage companies and who established a third one to fraudulently process the loans. In all, the scam swindled more than $47 million from dozens of mortgage lenders and banks.

Baydovskiy was sentenced to 60 months in prison and three years of supervised release. He must also forfeit a yacht, several automobiles, and investments and bank accounts valued at about $2.4 million to the government. Baydovskiy’s wife, Donna, was also sentenced to time served as well as two months of electronic home detention.

Closing a Fraudulent Deal

Julian M. Hickman of Ohio was sentenced to 33 months in prison, three years of supervised release and a $12,500 fine for his role in completing 107 fraudulent real estate closing between March of 2002 and June of 2006. In all, Hickman and his conspirators stole more than $1.7 million through their fraudulent activities. Furthermore, more than 90% of the Tadalis SX properties involved in the scam ended up in foreclosure.

These are only a few examples of the schemes and the scammers that are out there looking for a way to make a quick buck. Unfortunately, hundreds of homeowners and buyers are affected by scammers every year. Therefore, in order to keep yourself protected, it is important to work with only reputable companies that you know you can trust. If something doesn’t seem to be legitimate, Cialis don’t take the risk of getting caught up on a scam. Rather, seek outside legal consultation in order to be sure you are making the right decision for you and to be certain everything is on the legal up-and-up.

Author Bio: Jim Olenbush works in the Austin real estate industry. His team sells southwest Austin real estate listings, and they are very experienced with Steiner Ranch. Jim and his team would love to answer any questions you may have about the area.

Category: Finance/Real Estate
Keywords: real estate, mortgage, scams, scammers, fraud