Committing a crime selling condos

I don't know how to property subject this but I'd like to discuss what is happening in my Condo Assocation community. This is going on for some time now & is getting out of control. Someone puts up a unit for sale & someone else in the community offers them cash but the deal is done with money uder the table/in a suitcase/not reported! Say the condo is listed for $100,000.
This just happened with a condo/villa two doors from mine. Its listed on the Pasco Cty Tax site as selling for $67,000 but the neighbors know the sellers was offered $96,000. and was holding out for more money.

$67,000 gets recorded as the sale. The difference is Cash that the buyer and or the seller or BOTH do not want anyone to know about so it is delivered in a suitcase outside the closing. One particular sale that happened over a year ago, the seller was told to use only the buyer's title company for the closing & $25,000. was delivered to her son in NJ on or around the closing date. The sale was listed for $50,000.

What is happening is our property VALUES are going down to hell. Its bad enough we have lost alot of value the last few years & now some of us who still hold mortgages cannot even re-finance at the new lower rates cause the comps are being screwed up by our neighbors.

Who would you report this to? The IRS? The county clerk? Several condos & villas have been sold this way. The last one being bought by the former President of the Association! I'd love to nail his ass to the wall.

Thanks kindly for any replies!

Doris,

This is no HOA board's concern, especially based on what the neighbor says.

Doris

There are always one offs as in do not fit the normal/standard. Like I am selling my unit but:

1. The units typically sell for $200K but no way my son can qualify for a $200K mortgage so "on paper" I agree to sell it to him for $50K as I am willing to help him.

2. The units typically sell for $200K but my son is a major drug dealer and needs to hide money so "on paper" I ageee to sell it to him for $5 million as I am willing to help him.

Now in the local real estate listing sales listing, identical units in the same builing list one unit sold for $50K and one for $5M.

Which do you believe? Be me the seller or buyer, I can answer the question....LOL

The Bank DID NOT foreclose! It was an estate sale & the owner turned down $96,000. from another neighbor.
So you DO NOT care if your property Values go down cause on the tax records you house which should be worth $200,000 is now only worth $100,000. if you tried to sell it. Your neighbors are sellin for $100,000 so you can only get $100,000 for your unit when it is worth $200,000.

Buyers look at comps/ what other properties sold for in the area when they offer you a price for your house.

Thanks Steve.
That is EXACTLY what is being done!
The Italians are buying up everything here that way.
They bought my best friend's condo last year & used their own
title company. She sweared me to secretcy.

Then they bought up several more condos & went on to the villas.
Thanks for giving me the heads up. Several of my neighbors want to do something about it.

Police? IRS? LOL. I doubt they would even talk to you.

The crime is Florida Documentary Stamp Tax evasion. Although it is a crime, it needs to go through the proper channels at the Florida Department of Revenue as they will be charging the person with the crime, not you.

http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0200-0299/0201/Sections/0201.17.html

Typically people overpay on tax stamps to inflate the value of the property to commit mortgage fraud.