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The ugly side of real estate – a Pasadena, CA story

by sfishome on April 21, 2009

An agent and Seller asking for “money out of escrow” to accept a Short Sale offer
http://www.up2daterealestate.com/2009/04/20/the-short-sale-shakedown-continues/

A “short sale” is when the loan on the home exceeds the proceeds from the sale…. and the Seller doesn’t have the money to make up what is “short” so the lender takes the loss. In this “work around” the Seller is trying to con the lender.

I’m sure we had some questionable deals in recent years here in San Francisco, but from the stories I’m finding out fraud in other markets, I just can’t imagine we had any where near the level of problems in the worst bubble areas.

Oh, and what a beautiful day it was today in San Francisco… it felt like a 100 degrees.

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