Property Flipping Scams In Baltimore City
This blog has pointed out that in todays' RE market, fraud is almost indistinguishable from everyday conditions. Inman News, "The perpetrators of a real estate flipping ring in Maryland will be held liable for penalties and restitution, Attorney General J. Joseph Curran Jr. said Monday."
Which raises the question, if RE is such a great investment, why do crooks have to resort to scams? "The court upheld a finding that Lee Shpritz, Lee P. Woody III, and John M. Morgan Jr., had engaged in a flipping scheme to sell and finance properties at inflated values. Additionally, the court upheld a finding that Michael Almony misled home buyers by submitting misleading inflated appraisals."
"Property flipping hurts home buyers and creates significant problems for the neighborhoods in which the homes are located."