California Real Estate Fraud Report

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25
Apr

Antioch Builder Seeno Homes Investigated for Builder Bailout

Builder Bailout is a term used to describe how developers save their businesses in a falling market by inventing creative means of selling their new home inventory at higher-than-market prices.

The FBI is investigating the possibility of a builder buyout in the case of Seeno Homes, based in the Bay Area.

In mid-2006, as the real estate market was beginning its slow but steady course towards a financial Niagara Falls, letters were being sent by Seeno Homes to prospective home owners. These letters allegedly enticed the recipients with a $100,000 incentive toward the purchase of their dream home – as long as the recipients kept the offer confidential, meaning, hiding the deal from their lender and appraiser (mortgage fraud).

The point of such sales tactics is to keep home values high and appease the builders’ own lenders.

Seeno sales executive Carey Hendrickson has been arrested, but not charged, following a still-ongoing FBI investigation into allegations that Seeno Homes, the largest developer in the East Bay, used their incentive program to artificially inflate home prices (real estate fraud, appraisal fraud) and to conceal that information from their own lending sources (loan fraud).

Read the original article in the Contra Costa Times.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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