Central Florida Cash Back, Above Asking Price Deals Arouse Suspicions

In Lakewood Ranch, Florida the Sarasota Herald-Tribune reports:

• The same group of colorful Californians who bought 15 units at the Bermuda on Osprey condo complex in Sarasota at inflated prices attempted at least three similar deals in Lakewood Ranch. Shane and Shawn Unruh approached homeowners around the River Club area in the summer of 2006. In each case, the Unruhs persuaded sellers to participate in deals paying anywhere from $95,000 to $150,000 above asking prices on the understanding that the Unruhs -- the buyers -- would get the extra money back at closing.

For more, see Manatee home deals raised eyebrows.

For more on this California "investor" group, see "Cash Back" Arrangement Being Used To Purchase Central Florida Condos; Deals Raising Eyebrows Among Local Real Estate Pros.