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We are all familiar with "Flipping" where an investor: purchases a property, makes fixes and enhancements, then sells if for a profit in a relatively short amount of time. So what's "flopping"? Well for starters: it's illegal. Flopping is the latest in mortgage fraud, in which sellers, who are in a short sale position, actually want as low a price as possible. They trash the home with stenches & damage to keep most purchasers away. After sitting on the market, an investor comes in and extremely low balls an offer. The bank, realizing they are not getting any other offers, might accept this offer to unload their inventory. Investor fixes the property, sells it at a much greater sales price, and splits his profits with the original seller. It is prearranged from the get-go, and has taken on the name: flopping.
There isn't any available statistics that we could find as to how popular this real estate scam is in Eugene, Lane County or Oregon.
If you are aware of any suspicious, real estate activity that resembles ‘flopping', you can contact: 1-800-4fraud8.
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