Northern California Bid-Rigging Scam
Posted by carolyn in Sacramento Real Estate Market on December 14th, 2011
This story is going to bring out the skeptics – the FBI has indited 5 men on a bid-rigging scheme on foreclosed homes in nearby San Juaquin county. Included in this inditement is an auctioneer. They have been accused of making a private deal amonst themselves not to bid against each other and then splitting the profits.
It has not been easy at the entry level for first time homebuyers to compete against investors with cash – but stories like this also indicate that there is fraud going on – or at least alleged fraud until they go to trial. The story also indicates that 8 people have already pled guilty in this case and that more than 100 foreclosed homes were bought and resold in this scam.
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