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Resource ID: #26693
Unscrupulous real estate agents and investors are taking advantage of distressed homeowners in one of the areas hit hardest by the real estate crash by entering into sweetheart arrangements that earn agents multiple commissions after representing both sides of a deal while investors profit from a more lucrative flip once a home is resold. By using pocket listings, agents that represent the homeowner and a prearranged cash investor prevent other parties from making offers on a house, allowing them to sell far below fair market value while the buyer earns up to $100,000+ on a resale just weeks or a few months later. In some cases, the resale value of the home is more than the mortgage owed on the property, raising questions on whether there was ever a need to short sale the property in the first place.