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August, 2006 Blog
Forensic Appraisal Aurora Colorado
by: Philip G Rice, Certified Residential Appraiser, CPA, MBA
$230,000 Appraisal Fraud
James Esters
Colorado real estate appraiser license number AL40033702. Appraisal fraud, appraisal report on 670 Pearl St, dated May 24th, 2006. Stipulation and final agency order which is a discipline document issued by the Colorado Board of Real Estate Appraisers - BOREA. Esters OPML file and OPML tags and keywords, letter #1, letter #2, letter #3, letter #4, letter #5, neighborhood services, Alonzo sign,
No Discounts - Fraud OK
This transaction reminded me of a joke I heard 20 years ago - when the Aurora real estate market was in the toilet.
Q - What's the difference between venereal disease and a condo in Aurora?
A - You can get rid of venereal disease
With that introduction, let's have a look at 3874 S Fraser St #P-1, Aurora, CO 80014.
The listing history for this condo is a cold dose of reality. After 175 days on market, the price was reduced from $63,000 to $43,500, and the essay portion of the listing says:
Price dirt cheap. No more discounts.
Don't you just love it? The listing agent - John V Davis - is selling his own property. Almost for sure an investment property he had rented out for a year or 2 and then decided to sell.
The listing shows a final status of "withdrawn" on 03/16/06. The deeds report shows that John V Davis sold the property to Sam Mahnke on 03/16/06. Why didn't Mr Davis report the sale in MLS? In my opinion (IMHO) this is not a oversight - it's an intentional deception.
Meritage Mortgage made a $50,000 mortgage loan at 9.99% interest rate, and they called it a 100% LTV. Any idiot can see this property is not worth $50,000. There is a whole lot of lying going on.
tags
mkg appraisal philip+g+rice aurora colorado 80014 mortgage fraud real+estate less+than+perfect condo listing+history MLS meritage john+v+davis samuel+j+mahnke centennial+property+services
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / mkg / Philip G Rice / less than perfect / appraisal / condo / MLS / Meritage Mortgage / listing history / John V Davis / Samuel J Mahnke / Centennial Property Services /
08/23/06
Jumpin' Jim Beauprez
It just gets curious-er and curious-er.
I originally published this item April 13th, 2006. 2 other mortgage fraud transactions involving Jim Beauprez are reported here and here. As per MLS, this property sold in December, 2005. Denver Assessor's Office confirmed the sale and identified the buyer as James Beauprez and the lender as Lehman Brothers. I am now convinced that James Beauprez is the son of Bob Beauprez, United States Congressman and now the Republican candidate for Governor of Colorado.
Transaction Meta:
- Address = 6615 E 18th Ave, Denver, CO 80220
- Buyer/Borrower = James R Beauprez (maybe)
- Seller = Leslie K Reagan
- Close Date = 12/23/05
- Amount paid to Seller = $312,500
- Loan Amt = $391,500
- Lender = Indymac Bank, FSB
- MLS pg1
- MLS listing history
- Current (08/23/06) Deed Report
- Indicated Fraud = $79,000
- Listing Agent = Julie Cooper / (Jennifer Allen?) - New Precedent RE
- Selling Agent = Space Realty / Kimberly White - Member of the Dream Team
Comment:
A mortgage loan is almost always recorded in the public records within a few days of the closing. In this case, the mortgage loan is recorded in July - 7 months later. It is very unusual for it to take that long. The public records does not record any sale - the owner is still listed as Leslie K Reagan.
I don't know for sure what happened here, but the MLS listing history has mortgage fraud written all over it. The asking price was increased $80,000. After 450 days on market, any idiot can see this house was not worth $391,000 - not even close.
I wonder if Julie Cooper (listing agent) is related to Donald Cooper, involved in 3 recent transactions here, here, and here or Secresha Cooper, involved in 3 recent transactions here, here, and here. Cooper is a common name. Must be just a coincidence.
Tags:
James+Beauprez Bob+Beauprez Kimberly+White mortgage+fraud Leslie+K+Reagan Indymac Julie+Cooper Jennifer+Allen Donald+Cooper Secresha+Cooper
Sources:
MLS Photography, Real Estate Yard Signs, The Butler did IT, Proactive Suggestions, MKG Appraisal, Forensic Appraisal Blog
$60,000 Mortgage Fraud
Fraud in the 'hood - Centennial Ridge
10040 Genesee Ct, Lone Tree, CO 80124
- Buyer/Borrower = Don Cooper
- Seller = Trust
- Amount Paid to Seller = $330,000
- Loan Amount = $390,000
- Lender = Guaranteed Rate, Inc
- MLS pg1 - Purchase 06/29/06
- MLS pg2 - listing history
- Deeds Report
- Indicated Fraud = $60,000
- Listing Agent = Meg Ricke, Coldwell Banker
- Selling Office = None
Comments: I see many similarities between this sale and the one at 9601 Salem. Both sold by a trust. Both sold shortly after being taken off MLS. Both sold for significantly more than asking price. Same buyer for both properties - Don Cooper.
tags
mortgage fraud real+estate Don+Cooper donald+cooper
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Don+Cooper / John V Davis / donald+cooper /
MKG Appraisal FoaF, OPML, old RSS Feed, Business Card - scanned image, vCard file. The new (now in beta) MKG Appraisal blog, authored by Phil Rice, powered by Wordpress. Yard Signs.
$50,000 Mortgage Fraud
Fraud in the 'hood - Highlands Ranch
9601 Salem Ct, Littleton, CO 80130
- Buyer/Borrower = Donald Cooper/DLC Property Investment/Marc MacFarland
- Seller = Trust, James Eller and Kathleen Eller
- Amount Paid to Seller = $310,000 estimated
- Loan Amount = $360,000
- Lender = Lehman Brothers Bank, FSB
- MLS pg1 - Purchase 07/15/06
- MLS pg2 - listing history
- Deeds Report
- Douglas County Records Report
- Indicated Fraud = $50,000 estimated
- Listing Agent = Jill Arthurs, Resident Reality
- Selling Office = None
Comments: After 172 days on market, any idiot can see this property is not worth $325,000.
One day after the listing expired, the property sold. Somehow Lehman Brothers Bank decided to make a mortgage loan for $35,000 more than the asking price - to the same person (Don Cooper) who got a Lehman loan 2 weeks earlier - with the same kind of hocus pocus. I wonder if Don Cooper is somehow connected with Secresha Cooper?
Pardon me while I puke.
tags
mortgage fraud real+estate Don+Cooper donald+cooper jill+arthurs Secresha+Cooper james+eller kathleen+eller
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Don+Cooper / jill+arthurs / donald+cooper / Secresha+Cooper / james+eller / kathleen+eller /
$37,400 Mortgage Fraud
Fraud in the 'hood - Summer Breeze
3531 S Richfield Cir, Aurora, CO 80013
- Buyer/Borrower = Don Cooper
- Seller = Charles E Guidice
- Amount Paid to Seller = $197,602
- Loan Amount = $235,000
- Lender = Lehman Brothers Bank, FSB
- MLS pg1 - Purchase 06/29/06
- MLS pg2 - listing history
- Deeds Report
- Indicated Fraud = $37,398
- Listing Agent = Tim Emery, Stix & Stones
- Selling Office = 03160 = Tim Emery
Comments: Tim Emery got a round trip on this transaction - he collected a 2.8% commission as the listing agent and also 2.8% (5.6% total) as the selling agent. Tim Emery, Don Cooper, a mortgage broker, appraiser, and Lehman Brothers Bank all knew what needed to be done - and each did their part. Lehman Brothers Bank sold this mortgage to a sucker.
Note to Lehman Brothers appraisal review department (Lou Garone?) -- if the appraisal includes this nearby sale - 17497 E Kenyon Dr - as a comp, you might want to take a close look at the details. This 01/27/06 transaction was a purchase by Jamaica Crowe with the help of TJ Jackson.
$55,000 Mortgage Fraud
Telling Lies and Selling Lies
2545 Pemberly Ave, Highlands Ranch, CO 80126
- Buyer/Borrower = Eric M Orr
- Seller = Robert A Coy
- Amount Paid to Seller = $530,000
- Loan Amount = $585,000
- Lender = Greenpoint Mortgage Funding
- MLS pg1 - Purchase 12/22/05
- MLS pg2 - listing history
- Deeds Report
- Mortgage Fraud = $55,000
- Listing Agent = Brad Smith, Re/Max Professionals
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: 2 real estate agents, the buyer/borrower, a mortgage broker, appraiser, and a lender all knew what needed to be done - and each did their part. Greenpoint sold this mortgage to a sucker.
mortgage fraud real+estate eric+m+orr brad+smith kimberly+white remax gillian+e+scott greenpoint robert+a+coy
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / eric+m+orr / brad+smith / kimberly+white / remax / gillian+e+scott / greenpoint / robert+a+coy /
$45,000 Mortgage Fraud
Telling Lies and Selling Lies
5754 Rome St, Aurora, CO 80015
- Buyer/Borrower = Loyd J Warner
- Seller = Howard Ostrow
- Amount Paid to Seller = $305,000
- Loan Amount = $350,000
- Lender = American Mortgage Network
- MLS pg1 - Purchase 05/23/06
- MLS pg2 - listing history
- Deeds Report
- Mortgage Fraud = $45,000
- Listing Agent = Quick Team, Keller Williams Executives
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: The MLS listing says this property is priced $15,000 below market value. After 131 days on market, any idiot can see the value is not even $315,000. 2 real estate agents, the buyer/borrower, a mortgage broker, appraiser, and a lender all knew what needed to be done - and each did their part. American Mortgage Network sold this mortgage to a sucker.
$35,000 Mortgage Fraud
In the Ghetto
950 Moline St, Aurora, CO 80010
- Buyer/Borrower = Keith D Keeling
- Seller = Hoffman
- Amount Paid to Seller = $100,000 or $114,000
- Loan Amount = $135,000
- Lender = Wilmington Finance
- MLS pg1 - Purchase 06/30/06
- MLS pg2 - listing history
- Deeds Report
- Mortgage Fraud = $35,000
- Listing Agent = Loretta Pieper, Re/Max Alliance Parker
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: The listing agent (Loretta Pieper) added $20,000 to the asking price and reported a seller concession of $4,100.
$85,000 Mortgage Fraud
Wash Park
902 S Washington St, Denver, CO 80209
- Buyer/Borrower = Timothy G Stott
- Seller = Mark W Rosenquist
- Amount Paid to Seller = $310,000
- Loan Amount = $355,000
- Lender = Bankunited FSB
- MLS pg1 - Stott purchase 03/22/06
- MLS pg2 - listing history
- Deeds Report
- Mortgage Fraud = $85,000
- Listing Agent = Carol Duncan, Keller Williams Downtown
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: Bankunited says "It's a local thing" - truer words were never spoken/written. They claim to be the largest bank in Florida.
Calling this mortgage 90% is a lie. This is a 115% loan. The buyer/borrower is (most likely) the husband of Gillian Stott, a real estate agent working at the Kimberly White Dream Team Space agency.
Big Time in Piney Creek
Young Kim
6062 S Kalispell St, Aurora, CO 80016
- Buyer/Borrower = Young Kim
- Seller = Builder = Golden Design Group
- Amount Paid to Seller = $unknown
- Loan Amount = $986,415
- Lender = America's Wholesale Lender - subsidiary of Countrywide CFC
- Kim Purchase June 2006 - No MLS activity
- Deeds Report
- Mortgage Fraud = $unknown, maybe none
Comments: This is a builder sale - with the possibility of hocus pocus seller concessions. Photo date 07/31/06.
The handy 1 page summary shows Young Kim bought 10 houses in 7 months. This is item 10 of 10. It's the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, Secresha Cooper, and Dawn L Molen.
tags
mortgage fraud real+estate Young+Kim Americas+Wholesale+Lender Countrywide
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Americas+Wholesale+Lender / Countrywide /
2000 Fraud followed by Foreclosure,
2003 Fraud followed by Foreclosure,
2006 Fraud followed by ......????
1962 E Phillips Dr, Centennial, CO 80122
- Buyer/Borrower = Young Kim
- Amount Paid to Seller = $245,000 estimated
- Loan Amount = $290,000 estimated
- Lender = Not recorded, which is unusual
- MLS pg1 - Kim Purchase 06/05/06
- MLS pg2 - listing history
- Prior Sale - Fraud = $37,000, 08/21/03.
- Deeds Report
- Indicated Fraud = $45,000 estimated
- Listing Agent = Gerald Smith - Golden Frontier
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: This property sold 11/27/00 for $209,850. About a year later the property went into foreclosure. The property sold again on 08/21/03 with some blatant fraud, and sure enough, about a year later the same property was back in foreclosure. The property sold again in June of 2006 with some even more blatant fraud. Do you see a pattern?
In August of 2003, Dan Sullivan (listing agent) got a round trip and collected a commission on both sides of this transaction. He raised the price by $37,000 (after 274 days on market) and reported a seller concession of $zero. Julie Farlano (a tree hugger) agreed to an 11% interest rate, put $37,000 in her back pocket at closing, and walked away without ever making a payment - more or less.
In June of 2006, Gerald Smith (listing agent) raised the price by $40,000 (after 281 days on market) and reported a seller concession of $6,000.
These names show up as being involved in the 2003 foreclosure and/or the June 2006 transaction:
Dakota Lending, LLC:
DAKOTA LENDING LLC (seller), DONALD P SCRIMGEOUR (buyer), 4810 6TH ST,
BOULDER, 3/31/2006, $698,000
Cougar Associates, LLC
Charlesworth Forrest in El Paso County
Imperial Lending, LLC
4352 Trail Boss Dr
Castle Rock, CO 80104
We're the number 1 foreclosure market in the entire country. Somebody has to be number 1. What are we doing (or not doing) to accomplish this distinction? This particular property is located in the Four Lakes neighborhood, one of the stronger and healthier neighborhoods in the entire Denver metro area. This is not a ghetto - if it can happen here, it can happen anywhere.
The handy 1 page summary shows Young Kim bought 10 houses in 7 months. This is item 9 of 10 - stay tuned for more. It's the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, Secresha Cooper, and Dawn L Molen.
03/10/07 - Comment/Update.
Audio comment from Stuart S
Jorgensen (Attorney #21908).
Mr Jorgensen - if you are reading this I called you twice, you didn't answer
and I didn't leave a message. Send me an
email
and attach a copy of the complaint. I'll call you back and do my best
to answer all your questions.
tags
mortgage fraud real+estate Young+Kim Kimberly+White Gillian+Stott Gerald+Smith Golden+Frontier Imperial+Lending stuart+s+jorgensen
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Kimberly+White / Gillian+Stott / Gerald+Smith / Golden+Frontier / Imperial+Lending / stuart+s+jorgensen /
MKG Appraisal FoaF, OPML, RSS Feed, Business Card - scanned image, vCard file.
FHA-Fraud/Foreclosure/Fix/Failed-Flip
Shampoo
4322 93rd Ave, Denver/Thornton, CO 80229
- Buyer/Borrower = Young Kim
- Amount Paid to Seller = $175,000
- Loan Amount = $175,000
- Lender = Suntrust Mortgage
- MLS pg1 - Kim Purchase 03/15/06
- MLS pg2 - listing history
- Prior Sale - FHA Fraud = $8,000, 05/01/03.
- Flip Sale - the "flip" failed. Now what?
- Deeds Report
- 03/15/06 Fraud = $Maybe $None
- Listing Agent = Steve Cramer - Exit One
- Selling Office = MBSCH = Carmen Gomez
Comments: This property sold in 2003 - they added $8,000 to the asking price. 2 real estate agents, a borrower, mortgage broker, the good people at HUD and an appraiser all played along with the lie in order to justify a loan that was $8,000 more than the market value of the property. Within a few months, Peggy Muro (the borrower) stopped making payments and this house went into foreclosure.
HUD put the property back on the market and sold for $23,000 less than the loan balance. Estimated cost to the US Taxpayer = $70,000. Dang, I hate it when that happens!
Young Kim bought the property in March 2006, with a loan that might be legit. She put in new appliances and shampooed the carpet. Then Carmen Gomez tried to sell for a $47,000 gross profit. It did not work. Dang, I hate it when that happens!
Now what?
The handy 1 page summary shows Young Kim bought 10 houses in 7 months. This is item 8 of 10 - stay tuned for more. It's the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, Secresha Cooper, and Dawn L Molen.
tags
mortgage fraud real+estate Young+Kim flip Suntrust Carmen+Gomez FHA
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / flip / Suntrust / Carmen+Gomez / FHA /
$49,750 Mortgage Fraud
Biltmore
1000 Fillmore St, Denver, CO 80206
- Buyer/Borrower = Young Kim
- Amount Paid to Seller = $392,000
- Loan Amount = $441,750
- Lender = Axis, division of Biltmore Bank of Arizona
- MLS pg1 - Kim Purchase 03/10/06
- MLS pg2 - listing history
- Deeds Report
- Indicated Fraud = $49,750
- Listing Agent = John Sullivan, Re/Max Cherry Creek
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: The mortgage broker and the good people at Biltmore think as long as the fraud is less than $50,000, the authorities will leave them alone. Sadly, I think they are right. Another powerful lesson for the Denver real estate community.
The handy 1 page summary shows Young Kim bought 10 houses in 7 months. This is item 7 of 10 - stay tuned for more. It's the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, Secresha Cooper, and Dawn L Molen.
tags
mortgage fraud real+estate Young+Kim Kimberly+White Gillian+Stott John+Sullivan Biltmore Axis Bank+of+Arizona
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Kimberly+White / Gillian+Stott / John+Sullivan / Biltmore / Axis / Bank+of+Arizona /
Flip
17791 E Bails Pl, Aurora, CO 80017
- Buyer/Borrower = Young Kim
- Amount Paid to Seller = $148,500
- Loan Amount = $148,500
- Lender = Sebring Capital Partners
- MLS pg1 - Kim Purchase 03/09/06
- MLS pg2 - listing history
- Prior Sale - FHA Fraud = $3,000, 11/27/02.
- Flip Sale - pending
- Deeds Report
- 03/09/06 Fraud = $Maybe $None
- Listing Agent = Debra Green - Realty Executives
- Selling Office = MBSCH = Carmen Gomez
Comments: This property sold in 2003. Joyce Mahn (listing agent) added $3,000 to the asking price and reported a seller concession of $zero. 2 real estate agents, the buyer/borrower, mortgage broker, the good people at HUD and an appraiser all played along with the lie in order to justify a loan that was at least $3,000 more than the money paid to the seller. Within a few months, the borrower stopped making payments. They tried (for about a year) to sell for $190,000. That did not work. Dang, I hate it when that happens!
This house went into foreclosure. HUD took possession, and sold for $25,000 less than the loan balance. Estimated cost to the US Taxpayer = $70,000. Dang, I hate it when that happens!
Young Kim bought the property in March 2006, with a loan that might be legit. She redid the front deck, exterior paint, and put down new wood floor in the kitchen. Then she tried to flip the property, asking $34,000 more than she paid. It might work. Estimated expenses = 4 months carrying cost = $4,000. Real Estate Agent commissions = 5.6% = $10,000. Mortgage broker commission = $2,000. Other closing fees = $2,000. Fix up expense = $12,000. Total expenses estimated = $29,000. Net profit before tax = you do the math, this is a tough way to make a buck.
The handy 1 page summary shows Young Kim bought 10 houses in 7 months. This is item 6 of 10 - stay tuned for more. It's the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, Secresha Cooper, and Dawn L Molen.
tags
mortgage fraud real+estate Young+Kim flip sebring+capital Debra+Green Carmen+Gomez FHA
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / flip / sebring+capital / Debra+Green / Carmen+Gomez / FHA /
$80,000 Mortgage Fraud
Typo? Not!
827 Jackson St, Denver, CO 80206
- Buyer/Borrower = Young Kim
- Amount Paid to Seller = $297,000
- Loan Amount = $358,150
- Lender = Decision One, subsidiary of HSBC
- MLS pg1 - Kim Purchase 03/07/06
- MLS pg2 - listing history
- Deeds Report
- Indicated Fraud = $80,000
- Listing Agent = Eric Grauberger, Fuller Towne and Country
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: The $80,000 seller concession at the bottom of the MLS listing looks like it must be a typo. Then you look at the listing history, and you realize it's not a typo, it's an $80,000 seller concession.
The handy 1 page summary shows Young Kim bought 10 houses in 7 months. This is item 5 of 10 - stay tuned for more. It's the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, and Dawn L Molen.
tags
mortgage fraud real+estate Young+Kim Kimberly+White Gillian+Stott Eric+Grauberger Decision+One HSBC Fuller+Towne+and+Country
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Kimberly+White / Gillian+Stott / Eric+Grauberger / Decision+One / HSBC / Fuller+Towne+and+Country /
$50,000 Mortgage Fraud
More Granite
510 Lafayette St, Denver, CO 80218
- Buyer/Borrower = Young Kim
- Amount Paid to Seller = $350,000
- Loan Amount = $400,000
- Lender = Entrust
- MLS pg1 - Kim Purchase 01/24/06
- MLS pg2 - listing history
- Deeds Report
- Indicated Fraud = $50,000
- Listing Agent = Frank Garr, Re/Max Masters
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: The handy 1 page summary shows Young Kim bought 10 houses in 7 months. This is item 4 of 10 - stay tuned for more. It's the same pattern as Shawn Tieskotter, Vicki Dillard Crowe, and Dawn L Molen.
Entrust and a smooth $50,000 fraud. This property sold 06/30/05 for $281,000. The market is flat. A granite counter is nice, but it does not add $120,000 value. Two real estate agents, a buyer, seller, mortgage broker, lender, and title company. Everyone knows what needs to be done, and each does their part. The deal goes thru and everyone gets paid.
tags
mortgage fraud real+estate Young+Kim Kimberly+White Gillian+Stott Frank+Garr Entrust
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Kimberly+White / Gillian+Stott / Frank+Garr / Entrust /
$77,000 Mortgage Fraud
Young Kim
306 S Clarkson St, Denver, CO 80209
- Buyer/Borrower = Young Kim
- Amount Paid to Seller = $339,000
- Loan Amount = $416,000
- Lender = Indymac
- MLS pg1 - Kim Purchase 01/20/06
- MLS pg2 - listing history
- Deeds Report
- Indicated Fraud = $77,000
- Listing Agent = Christopher Viets, Re/Max City Horizons
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: The handy 1 page summary shows Young Kim bought 10 houses in 7 months. This is item 3 of 10 - stay tuned for more details. This is a case study in 10 parts. It's the same pattern as Shawn Tieskotter and Vickie Dillard Crowe.
Christopher Viets (listing agent) bumped up the price by $76,000 and reported a seller concession of $7,350. This property sold 09/09/05 for $245,000. The market is flat. A granite counter is nice, but it does not add $120,000 value.
tags
mortgage fraud real+estate Young+Kim Kimberly+White Gillian+Stott Christopher+Viets Indymac
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Kimberly+White / Gillian+Stott / Christopher+Viets / Indymac /
Young Kim
$30,000 down payment.
1327 Rosemary Dr, Castle Rock, CO 80109
- Buyer/Borrower = Young Kim
- Amount Paid to Seller = $300,000
- Loan Amount = $270,000
- Lender = American Brokers Conduit, a subsidiary of AHM
- MLS pg1 - Kim Purchase 01/03/06
- MLS pg2 - listing history
- Deeds Report
- Mortgage Fraud = $maybe none
- Listing Agent = Teresa Barnes, McGinnis GMAC
- Selling Office = NMLSP = Non MLS Participant = very unusual
Comments: No fraud? This transaction is a giraffe in a herd of hippopotami. It could be that Young Kim bought this REO property without a real estate agent and made a $30,000 down payment. Or, there is a story. I don't know. What do you think?
The handy 1 page summary shows Young Kim bought 10 houses in 7 months. This is item 2 of 10 - stay tuned for more. It's the same pattern as Shawn Tieskotter and Vickie Dillard Crowe.
tags
mortgage fraud real+estate Young+Kim Teresa+Barnes GMAC American+Brokers+Conduit AHM
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / Young+Kim / Kimberly+White / Gillian+Stott / Teresa+Barnes / GMAC / American+Brokers+Conduit / AHM /
$75,000 Mortgage Fraud
Can't sell without the fraud.
6902 Montview Blvd, Denver, CO 80207
- Buyer/Borrower = Young Kim
- Amount Paid to Seller = $560,000
- Loan Amount = $635,000
- Lender = Lehman Brothers Bank, FSB
- MLS pg1 - Kim Purchase 12/09/05
- MLS pg2 - listing history
- Prior Sale 03/12/04.
- Deeds Report
- Indicated Fraud = $75,000
- Listing Agent = Gillian Stott - Space
- Selling Office = SPACE = Kimberly White & Gillian E Stott
Comments: The handy 1 page summary shows Young Kim bought 10 houses in 7 months. It's the same pattern as Shawn Tieskotter and Vickie Dillard Crowe.
This property sold in March of 2004 for $415,000 after 206 days on market and a $35,000 price reduction. How does this property go up $220,000 in 15 months in a flat market? It could be significant improvement to the property. When Mark Leeling bought the property in March 2004, it was 2,171, sq ft. When he sold 15 months later, it was 2,659 sq ft - an increase of 488 sq ft. This might add as much as $25,000 to the value of the property. It might be interesting to see if any permits were issued for property improvement from March 2004 to about June 2005.
However, Jennifer Kruse of Coldwell Banker tried to sell this property from June 28th, 2005 to November 14th, 2005, asking $560,000 - and no takers. Change real estate agents, and butta-bing butta-boom the property sells in about 2 weeks, for $635,000. Does anyone see a problem here?
This is a powerful message to the Denver real estate community. There is a $33,000 commission at stake -- how many agents are (at this very moment) trying to set up their own Shawn Tieskotter, Vickie Dillard Crowe, Young Kim?
MKG Appraisal FoaF, OPML, old RSS Feed, Business Card - scanned image, vCard file. Authored by Phil Rice, powered by Wordpress. Yard Signs.
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