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www.oakvillebeaver.com The Oakville Beaver, Wednesday January 2, 2008 - 15 Protection against mortgage fraud The Dan Cooper Team encourages you to invest in a credible real estate agent Property fraud, along with identity and title fraud, is the most common type of mortgage fraud committed. The evaluation of properties at a much higher value than they are worth, appraisals designed to accomplish the same ends, misrepresentation of the characteristics of a property and its purpose, or even forged or inaccurate multiple listing services (MLS) are all contributors to property fraud. Property flips done with malevolent intention are an example of property fraud. Cheap, run down homes are purchased and the transaction tends to close, in most cases, without a Real Estate agent, and in all cases, without a credible Real Estate agent. The property is sold back and forth to oneself, to friends or to one's own numbered company multiple times in a brief span of time in order to illegally or artificially inflate the value of the property. All this is done in attempts to receive the highest valued loan possible against the value of the property. As a result of the property changing hands so many times, the practice is also meant to conceal the identity of the true buyer or seller of the property. In the bigger picture, the false value of the home resulting from non-market sales becomes a new low end figure for all properties currently listed on the market. Prices of homes across the board start to rise temporarily, but when foreclosure on the flipped property ensues (which is usually the case), market prices then fall substantially below market value until the excess supply is absorbed. Owners who have no choice but to sell at this unfortunate time are often put in the position of having to receive less than the amount owed on their mortgage. Lending institutions are becoming savvier about this increasing problem and are being directed to know the par- DAN COOPER Real Estate ...The Bottom Line ties with whom they are doing business. Relying on the reputation of qualified professions, such as Real Estate agents who have spent years building a solid reputation, are one way of helping you avoid the hefty financial and emotional costs associated with shady mortgage practices. *Information for this article was taken from the Alberta Motor Association, Mortgage Fraud article, June 10, 2006 and Preventing Mortgage Fraud, Freddie Mac Publication 439, May 2006. What are some commonly overlooked pre-move arrangements I should make? Use this helpful checklist as a reminder of the things you need to do before you move. Book the movers: · It's a good idea to obtain estimates from several different companies. · The estimate will depend on whether the movers pack everything or just the breakables, or whether you want to do the packing yourself. If you own your present home: · Arrange to have your gas, water, and electricity meters read on the day you leave. Have the bills forwarded to your new address. · Have your oil tank read and filled before your sale closes and, if required, give the receipt to legal professional. · Arrange for the water heater and furnace rental agreements to be transferred to the purchaser. · Disconnect your telephone, cable TV,, water softener. If you rent your present home: · Give your landlord written notice and make arrangements for the return of any deposits. At your new home: · Arrange to have gas and electricity, water softener, telephone, and cable TV connected on the day the sale closes. General: · Get change-of-address cards from the post office and send them out well before moving day. · Have the post office forward your mail to your new address. · Cancel contracted services and pre-authorized cheques. · Inform gardening, dry cleaning, garbage pick-up, newspapers, magazines, diaper, and other home services of your move. Arrange for service at your new address. · Get a letter of introduction from your bank to help set up new accounts. Transfer trust or bank accounts · Cancel or transfer social, athletic, civic, religious, or business affiliations and memberships. · Ask your dentist, doctor, pharmacist, and optometrist to transfer medical, dental, and prescription records. · Change the address on your driver's license effective the day of the move. · Collect all items out for cleaning or repair, or storage. · Make arrangements to move perishables, such as plants. · Make arrangements to move your pets. Provided by www.royallepage.ca FIND ME FAST!! 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