Appraisal Fraud a Growing Problem

According to the FBI, Reports of mortgage fraud nationwide have tripled since 2003 to nearly 22,000 last year. In the past five years, appraisal fraud has been involved in up to 40 percent of fraudulent mortgage reports, according to the Mortgage Asset Research Institute. This can be a huge problem for home buyers.

The problem occurs when the buyer agrees to purchase property for an inflated price and eventually learns that he will be paying too much. Depending on the degree of fraud, the homeowner stands very little chance of selling the home for as much as he has paid.
Appraisal fraud has led to many foreclosures. One way to avoid fraudulent appraisals is work with an exclusive buyer agent who not only is concerned with your best interest – but who knows the industry and the area where you want to buy.

Get more information on mortgage fraud at RIS Media. Call us at 800-795-0902 for more information on buyer agents in Minnesota.

Category: How to Buy a Home

This entry was posted in Uncategorized. Bookmark the permalink.