One way to make money in real estate is to find an appraiser who will inflate the value of your property and then sell it to some unsuspecting buyer–usually an investor.  The problem with this strategy is that it is fraud, and it can land you in prison.  In the boom times of a few years ago, this scam was easier for the shysters to pull off.  Banks were lending money without asking too many questions.  Now they are supposedly being more careful.

But a recent story from KMOX news tells of a St. Louis man sentenced to nine years for just this kind of mortgage fraud.  Read the full story by clicking HERE. The losses to the lenders and investors ran into the millions of dollars.

No one is immune from rip-off artists.  But we can look at such stories as reminders to be careful in choosing who we do business with.  Get a referral.  Or at least get references.  Do your own due diligence.  And when you’re in a major financial transaction get an experienced professional to work with you.  Don’t rely just on the other guy’s good will.  He could be conning you.