How one flip unfolded
By The Bakersfield Californian
Numerous Crisp & Cole-related defaults were shuttled among employees, family members and the principals’ companies, Crisp, Cole & Associates and Aiden, Logan & Associates Inc., according to The Californian’s analysis.
Each swap typically fetched a higher price; most were paid with 100 percent financing.
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This recently foreclosed home at 12716 Crown Crest Drive in southwest Bakersfield was "flipped" through Crisp & Cole's team last year prior to being "sold" to David Crisp's mother, who ultimately defaulted on the loan.
- Jeriel Salinas buys the house from the builder in July 2006 for $626,000.
- The following month, Salinas "gifts" 99 percent interest to one of Crisp and Cole's companies, Aiden, Logan & Associates Inc.
- Earlier this month, the home foreclosed, selling at auction for $525,000.
- The next day, the corporation and Salinas sell it to David Crisp's mother for $959,000 — 55 percent more than Salinas paid six weeks earlier.
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While reselling a property is legal, such deals can spell trouble if they involved inflated appraisals or falsified loan applications.
Here’s how one “flip” in the Seven Oaks at Grand Island neighborhood went down — all the way to foreclosure.
You can see key documents at bakersfield.com.
Sales of 12716 Crown Crest Drive
July 12, 2006
Price: $620,000
Crisp & Cole sales agent Jeriel Salinas buys from builder Rodney R. Brown’s company, RRB Inc.
Salinas gets 100 percent financing with a first loan of about $496,000 and a concurrent “piggyback” second of almost $124,000.
Aug. 21, 2006
Price: Free
The following month, Salinas “gifts” 99 percent interest to Aiden, Logan & Associates Inc.. Salinas keeps 1 percent interest. The grant deed is notarized in-house by employee Sneha Mohammadi.
Aug. 22, 2006
Price: $959,000
The next day, Aiden Logan and Salinas sell to David Crisp’s mother, Tu Crisp, who gets 100 percent financing. The grant deed is notarized by in-house employee Brandi Bingaman.
The sales price has gone up 55 percent in six weeks.
May 10, 2007:
Tu Crisp’s loan defaults.
Sept. 17:
Price: $525,000
Foreclosure: A trustee’s deed recorded Sept. 17 shows the house sold at public auction Sept. 4 to Avelo Mortgage LLC. The day of the auction, $815,997.18 was owed on the delinquent first loan, including penalties and fees. The second loan, worth nearly $192,000, was a total loss.
Sources: County property records; First American Real Estate Solutions; Californian analysis
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