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The Santa Maria Association of Realtors Real Estate Fraud Task Force Blog has issued this alert about short sale flipping:

The California Department of Real Estate issued a warning in March 2010 against the practice of short sale flipping when the short sale lender is unaware that they are being presented with an under market bid for the home.  Short sales are common these days, in fact everywhere you go people are talking about them.  Basically, if you owe more on your mortgage than it is worth, and you have a financial hardship, you can ask your lender (short sale lender) to accept a short sale.  During that process you show the lender your financial position, and present the lender with a market value offer for the home.  Indeed, most lenders will not look at your short sale application until you have an offer. . .

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