In its white paper, The Detection, Investigation, and Deterrence of Mortgage Loan Fraud Involving Third Parties, the Federal Financial Institutions Examination Council of Arlington, Va., suggests these red flags as indicators that fraud may be taking place.
Let's say you own and have managed a four-unit apartment building for 20 years, which is now worth $600,000. So far, no problem. Now, however, you’re moving out of state, and you’re facing a healthy capital gains tax if you sell outright. What are your options?
In some states, escrow agents handle all aspects of a closing; in others their responsibilities begin and end with the earnest money deposit. But handling the money can be tricky, so be sure you know your client’s rights.