This property might be a reason to open a brand new category on this blog and call it the BEST FRAUD CASE.
I accidentally found this house while browsing foreclosures and pre-foreclosure properties
6201 Corbin Ave Tarzana CA 91356
Sales History:
Sold Aug 29, 1995 $203,000
Sold Feb 07, 2006 $640,000
Sold Jan 05, 2007 $1,330,000
It has NOD right now
Will be Foreclosed on **** for $*****
Zillow zestimate(tm) : $1,108,000
True market value : $500,000-700,000
This is my idea of things that went on here;
Buyer X bought in Feb of 2006 for $640,000 (this is close to the peak of prices in the valley)
He then either fixes the house a little, or throws a fresh paint and lists it for sale for $800,000-1,000,000. Then comes buyer Y, and offer X to pay him more than asking price. How?? Simply on January 2007, every thing that can walk on two feet can get a loan. They find a "good" appraiser that is probably getting paid to appraise this house for more than $1,330,000.... So Y gets the loan, X kicks back $200,000 to Y and everybody wins...You might thing that the bank is about to loose here...Rest assured Congress is working now on ways to make sure that the bank will not loose here. We the tax payers need to bailout this People...
Even worse, if buyer Z wants to buy a house on the street, his RE agent will use that fraudulent comp of $1,330,000 to justify him paying similar amounts for a similar sized house.....
You tell me, does any comp on that street is legit???
It is all based on fraud.
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