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UK: FSA warns of fraud risks in quick property sales

Posted on 21 November 2012

The FSA has warned borrowers in financial difficulties who are looking to sell their home quickly to beware committing fraud. The regulator says it has evidence that some below market value or distressed property sales involve fraud, where the buyer - a company or an individual - asks the seller to state the property has been sold for full market value, rather than the agreed price.
The FSA says this is usually done so the buyer can borrow the full amount they have agreed to pay for the property, which would not happen in the current market as lenders require at least a 5 per cent deposit……………………………………….Full Article: Source

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