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Fraud Prevention for Commercial Real Estate Valuation
(2011) Soft cover, 122 pages
Vernon Martin, CFE
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Mortgage and investment fraud are at an all-time high and there are serious consequences for appraisers who become involved in suspicious transactions. This book describes common methods of deception used in fraudulent schemes involving commercial properties and land. It presents various situations and conflicts of interest that have the potential to exploit the appraisal process for dishonest purposes.
Types of commercial real estate fraud:
Misrepresentations made by sellers to buyers
Misrepresentations made by brokers to buyers
Misrepresentations made by borrowers to lenders (mortgage fraud)
Misrepresentations made by brokers to lenders (short sale fraud)
Misrepresentations made by syndicators or others who are compensated for organizing buyers (syndication fraud)
Fraudulent deed conveyances
Misrepresentations made by decision makers who have a vested interest
Appraisers who can detect fraud can protect themselves from relying on inaccurate information that could compromise the valuation analysis. By thinking critically and challenging assumptions, commercial appraisers can keep out of trouble, whether it is trouble for themselves or for others who rely on their work.
Would you recognize the signs of fraud? Download this checklist.