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Real estate broker found to have misrepresented prices
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LAS VEGAS REVIEW-JOURNAL
The Nevada Real Estate Division found real estate broker and saleswoman Kathleen Tinaglia in 43 violations of state law by misrepresenting property sales prices in eight transactions.
Tinaglia participated in transactions in which the offer prices for the properties were significantly inflated above the property listing price to account for payments made to a third party, the division found.
In many cases, Tinaglia requested that the listing agents involved adjust the property list price to match the offer price, giving the false appearance of the buyer's offer being a list-price offer.
The transactions occurred while Tinaglia was a licensee under broker Eve Mazzarella of Distinctive Real Estate and Investments. Mazzarella and her husband were indicted in 2008 on charges of defrauding financial institutions of millions of dollars in a mortgage scheme.
The Real Estate Commission fined Tinaglia $215,000, revoked her license and ordered her to pay hearing and investigative costs.
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Frauds in real estates are rampant. I remember when i was looking to buy a home in 2008, a lot of my offers were rejected. Several of those homes ended up selling at a lower price than my offered price. Either they didn't like me or they got kick-back from the deal.
So who was the 3rd party? And didn't the lender require and appraisal to confirm the loan to value? And why did the listing agent change the listing prices? This is exactly what I mean about the LV real estate market, ground zero for mortgage fraud, everybody and I mean EVERYBODY associated with a sale had their hand in the cookie jar.
Anyone want to place odds on the state ever collecting the $215,000 in fines? They better start taking her assets now or they will get nothing.
There is one in Mesquite who is a broker who owns her own real estate agency that did the exact same thing dozens of times, when are you going to arrest her?
How many are still 'out there' who haven't been caught?
It never ceases to amaze me how creative minds can come up with a way to scam almost any system.
She should be in jail. Maybe it is time to replace the state officers at the REA and RE commission, too.