quote:Originally posted by Mad Max:
Do you understand the concepts of straw buyers?
It's people who actually own the houses selling it to their family at ridiculously inflated prices and have the banks finance it, and then walk away leaving the bank holding a worthless piece of real estate. All the realtor gets is a commission for sale.
do YOU understand the concept of a straw buyer? yes, sometimes it is a relative or friend, but often is it some moron who doesn't care about having his credit trashed and looking to make a quick buck. they are recruited by the realtors and used for the sale. the realtor is often the one selling the property at the inflated price. the bank pays them off when a property "sells" for $700k, the realtor throws $30k the buyer's way, and the straw buyer just walks away from it.