Orange County | Clerk’s Office aims to stop bogus foreclosure sale prices
Here is a little follow up on Fraudclosure Auctions: Bogus Prices Hiding Profit and Creating False Home Values.
The Orange County Clerk of Courts office took a definitive step Tuesday in preventing investors buying up foreclosure properties from overpaying documentary stamp taxes on their new properties and artificially inflating the sale prices of the real estate.
The inflation of foreclosure auction purchase prices appeared to be a common practice among a small group of investors. But the short-term fix seems simple enough: Clerk of Courts Lydia Gardner’s office started writing the winning bid amounts on property title certificates Tuesday.
That action came after the Orlando Sentinel identified dozens of cases in which the clerk’s office listed one foreclosure sale price while the Orange County Property Appraiser’s Office listed a higher price – often tens of thousands of dollars more than the high bidders actually paid.
This measure could prevent the new property owners from falsely inflating sale prices and making it appear as if they paid more than they actually did for the real estate.
Brilliant, I tell ya….
Now why didn’t the ever do that in the first place?
How about you look at the assignments now? That’s even more pervasive than the bogus sale prices…