The IRE Resource Center is a major research library containing more than 23,250 investigative stories — both print and broadcast. These stories are searchable online or by contacting the Resource Center directly (573-882-3364 or rescntr@ire.org) where a researcher can help you pinpoint what you need. Browse or search the tipsheet section of our library below. Stories are not available for download but can be easily ordered by contacting the Resource Center:
Search results for "property flipping" ...
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Flipping Fraud
In one of the largest white collar crimes, "$10 billion in suspicious property flips helped turn the real estate boom into the worst financial crisis since the Great Depression." This series became the most comprehensive investigation and it also uncovered certain tactics used by these men to appear legitimate. Furthermore, this investigation didn't have the help of police reports and court cases, just the truth.
Tags: real estate; white collar crime; mortgage fraud; flipping schemes; crash; nation's economy; con men
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Affordable No More
The Southeastern Economic Development Corp. had been tasked with "redeveloping one of San Diego's poorest neighborhoods," with the goal of building affordable housing. But people with close ties to this public agency abused the system, selling homes for much higher prices than had been approved in the agency's contract, and also "failed to file the proper deeds on the subsidized homes in the project," allowing the houses to be flipped for a profit.
Tags: Southeastern Economic Development Corp.; redevelopment; affordable housing; property flipping; fraud; title registration
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In 2004, the Future of Affordable Housing in the Silk City was . . . SOLD!
Paterson, N.J. mayor Jose "Joey" Torres "sold liens in blighted neighborhoods to a favored developer at a cut rate." The developer (Glen Fishman) would then foreclose on the properties and "flip them for a profit." Non-profit groups like Habitat for Humanity, which had been attempting to construct affordable housing were thus priced out of the market, or had to pay marked-up prices to Fishman for land in the tough neighborhoods.
Tags: property liens; property flipping; blighted neighborhoods; Habitat for Humanity; foreclosure
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KC Federal Housing Series
A follow-up to an Oct. 2004 series, this investigation uncovers misspent federal housing dollars intended to benefit lower income families. Among their findings was a sale in which a local developer made a $156,000 profit by flipping the property the same day; a home-repair program which took advantage of home owners; and sweet heart loans to local politicians and business owners.
Tags: housing; real estate; property taxes; property assessment; HUD; restoration; CAR
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Special Report: Good Works, Fast Cash. Special Report: How Much Would You Pay?
Dixon spent three months following a chain of titles on hundreds of property deals and deeds. She found that several real-estate companies which contract with charities to evaluate and sell real estate donations on behalf of the charities are scramming the charities. Dixon found that " The company [Donate Real Estate] was selling property to associates of the founders, who then flipped, or resold the property, to buyers who paid many times the first purchase price. Those buyers then got mortgages based on inflated appraisals, didn't make their payments, and the homes went into foreclosure." The investigation unearthed a brazen and widespread real estate and mortgage fraud scheme that took advantage of novice investors.
Tags: real estate; fraud; scam; mortgage; Habitat For Humanity; charity; Donate Real Estate; MLS records; Maupin; bankruptcy
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The Flip Side of Homeownership
According to the author, "A five-month investigation by The Record exposed serious loopholes in local, state and federal housing regulations that thwart the U.S. Department of Housing and Urban Development's goal of neighborhood stabilization of the inner city. The stories document how lax regulations allowed a real estate partnership to buy more than 100 shoddy homes in New Jersey cities, make cosmetic repairs and sell them for 75 to 100 percent profit to first-time homebuyers with taxpayer backed mortgages. Due to this property-flipping scheme, many owners are forced to foreclose because of high repair costs. Because HUD guarantees the mortgages, the federal government ends up paying off the house."
Tags: federal housing; housing regulations; schemes; loopholes; state housing regulations; New Jersey; real estate; mortgages; taxpayers; federal government; HUD; Housing and Urban Development; cities; inner city
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Land Lords: How a Trio of Texans Turned S&L Debacle Into Personal Fortunes
The Journals tells the story of Rene Campos, Adam Weis and Greg Smith, who were will to gamble with real estate property after Texas savings-and-loan crisis. The three bought properties from the Resolution Trust Company, "the federal agency created to clean up the mess," fixed them and started profiting from the cheap undervalued property. The profit did not come from speculative "flipping," but from clearing and managing the properties.
Tags: business; drugs; apartment complexes; investments; tenants
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Federal scrutiny on home deals
In an effort to deal with property flipping and mortgage problems in Baltimore, federal officials have barred a half-dozen Maryland real estate appraisers from the Federal Housing Administration program that insures home mortgages. The action is part of a U.S. Department of Housing and Urban Development effort to deal with a growing problem of inaccurate appraisals.
Tags: Federal Housing Administration; HUD; appraisers; home mortgages; FHA
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Property Flipping
An investigation by the Star-Ledger revealed a "major mortgage fraud" in New Jersey "involving an individual who made a career out of property flipping. Targeted were low-income, minority buyers who were promised fully renovated homes, made affordable by FHA-guaranteed loans."
Tags: New Jersey; mortgage fraud; property flipping; housing
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The Real Estate Jackpot
This weekly newspaper investigated a "real-estate flipping scheme involving city of Tampa redevelopment properties." The reporter found out that "a private company [Wide Spread Inc.] had allegedly flipped the properties using city funds at a financial gain to the company and its agents of at least $ 337,000." The investigation revealed that the flipping scheme involved "four nonprofit groups designated by Tampa Mayor Dick Greco to help the city spruce up rundown sections of Tampa Heights and Ybor city." The nonprofits purchased at unreasonably high prices the properties Wide Spread had acquired. The story pointed out that "city auditors came across the same alleged flipping activity and privately alerted state criminal investigators before Weekly Planet published its story." At the time the story was published "city officials claimed to be unaware".
Tags: diskette; FOIA; Department of Housing and Urban Development; city council; nonprofit; redevelopment; tax money; taxpayers