Posted by Jacques on September 18, 2004 at 10:34:04:
I’m no expert but it is very clear how this kind of fraud differs from legal “flipping” of properties.
These scammers use fraudulent appraisals to borrow more than a property is worth. And somehow find some naive buyer to believe that the appraised value is fair.
If we use comps to determine FMV, then I can’t think of how it can be construed as fraud.