Fradulent Appraisals

A recent article in the St. Pete Times discusses the apparent fraudulent appraisals that very well may have contributed to a number of mortgage fraud cases in the Tampa Bay area. Appraisers are a critical part of the home buying process because they help the lender determine the value of the purchase property. Appraisers evaluate the home value compared to comparable homes in the immediate area so that a lender does not lend more money than the home’s collateral is worth.

Most often the lender is the The article details how some homes were appraised fraudulently way above their actual value. When you work with a Real Estate Agent they should be able to show you a number of resources including comparable area sales so that you know that the price you are paying is inline with what the neighborhood commands.

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