Sarah Palin has a new $1.75 million, 8,000 square foot house in Scottsdale, AZ, but it's not the two- and four-car garages or the wraparound balcony that's making news. Business Insider reports that Palin's home may have been bought for less than the price of the mortgage (a "short sale") and quickly resold in a fraudulent transaction; the seller, who identifies himself as a real estate investor, purchased the house from JP Morgan and sold it just a year later at a 118% markup. Short timeframes for such high profit increases are often labeled suspicious by analysts:
Ironically, Palin, who in this case is completely innocent of any wrongdoing, may have tripped the alarm switch on a trick that is being used by mortgage "investors" across the country... which are buying up wholesale [real estate owned properties] only to flip them to end buyers at up to 100% profits shortly thereafter.
Follow-up story on Zero Hedge here.For a virtual tour of the house, see video below.