Mortgage fraud risk eases, but warning signs persist | Inventory vs Sales
Mortgage fraud risk eases, but warning signs persist
PROBATE AND ESTATE SALES
Open Houses this weekend, Silicon Valley Curated
Mortgage Rates this week
What you get for $2MM Santa Clara County
AIDA: Attract, Interest, Desire, Action
What you get for $1MM in SILICON VALLEY
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Mortgage fraud risk eases, but warning signs persist
Mortgage Fraud Surge
One in 129 mortgage applications triggered fraud risk. It's crazy, guys. It's not just mortgage, it's not just real estate, it's everywhere, it's everything. I get fraud alerts all the time.
Spotting Scam Links
I got ... I get guys that are calling me and saying, "Hey, will you, I have I, I'm interested in one of your listings.
Can we get on a Zoom call?" I'm like, "Yeah, sure. Here's my Zi- my, my Zoom." I use Google Meet. He goes, "Oh, it doesn't work. Can we use this one?" I'm like, "Nope," because you look inside the thread and it shows you straight out that there's another directional link to that link, say. It's just so screwed.
It's so obvious if you know what you're working on, looking at, right? And that's what's happening here: fraud risk is on the rise. There's so much fraud going on, not just in real estate, but all over the world, guys. Just be careful.
Verify Before You Click
But especially when it comes to this, make sure you call people, make sure you talk to people.
You call your agent, you call your lender, you call your escrow officer, and say, "Hey, I just got this email. Am I supposed to do this?" Yes, absolutely, right? Use the trusted phone numbers that your agent, the lender, and your lenders give you because they might give you something ... I get Wells Fargo frauds all the time.
I get Bank of America fraud all the time because y- And I don't even have Bank of America. It's everywhere, and there's nothing they can do to stop it except for report it, and you can report it to the FBI.
Loan App Fraud Stats
So, investors and multiple multi-family applications continue to trigger fraud alerts well above the national average.
One in 29 applications triggered alerts first thing, flagging the fourth quarter. This is more about fraudulently misrepresenting their loan application, which is not good. It's illegal. Shouldn't be doing that.
Safe Banking Habits
But just... It just triggered me to want to tell you, hey, just be safe before you click on something.
Anytime I get something from Wells Fargo or one of my credit cards, I go to the site, not from that link. It's a good way to get in trouble. All right.
Jumbo Rate Check
Rates, although they say rates are unquoted at 6.82 for a 30-year jumbo, you're looking at 6% right now for s- for a jumbo at the average price, which is $2.4 million, right?
Where are we? Right here, $2.4 million, 20% down, decent credit score. Let's see if there's anything else that pops up here. Nothing. Doesn't matter. So you can call up these guys. You can go to HSBC and get a better rate. You're gonna pay zero points. So imagine what would happen if you paid a whole point towards that.
No. I don't know. Okay.
What you get for $2MM Santa Clara County
Two Million Home Tour
What do you get for $2 million in Santa Clara County? I want to look at this one right here. Lawndale, four bedroom, three bath, not my listing, 2 million bucks, 1.0... or 1,400 square feet. Oh my goodness. Oh my goodness. Downtown. You're within walking distance of downtown. You have open houses this weekend.
This thing is screaming flip. Look at these inlaid lights. I don't like that at all. All right.
What you get for $1MM in SILICON VALLEY
One Million Fixer Find
What do you get for $1 million? Right here, 999, Martinville, three bedroom, one bath, not my listing. It is... There it is. Fixture upper right there, and it's right by the golf course. Nice. This is a good deal. For one bedroom, one...
or three bedroom, one and a half baths, even though it says one... it has one full bath. 1,000 square feet-
Nice inside. Nice and clean inside, but the backyard the yards look like hell. Curb appeal, guys. Let's see. Does it have air conditioning? Four days on market. 999. Yep, it has air conditioning. This is a great buy. We should go look at it. If you're interested, let's go take a look.
Inventory Update
And nothing else changed.
This-- the inventory is pretty much the same. This is all for the month. All right.
Wrap Up and Open Houses
That's it for now. In my blog, I have a link to your open house list of the week. Make sure you take a look at it. And have a great week. I'll be going up to the Sacramento area and hanging out with some friends and enjoying the heat.
I'm Vito with Abitano. Thanks for watching. We'll see you out there.
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Vito Scarnecchia
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Vitos@abitano.com
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Inventory vs Sales
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