A Fridley man pleaded guilty Tuesday to purchasing Twin Cities properties at inflated prices in exchange for hundreds of thousands of dollars from the sellers, getting straw buyers to do the same thing, then lying on loan applications and defaulting on the properties’ mortgage payments. Taleb Mahamed Wazwaz, 49, pleaded guilty in federal court in Minneapolis to conspiracy to commit mortgage fraud through the use of interstate wires. According to the US attorney’s office, Wazwaz’s business, Iman Sun Properties, collected $784,585 from sellers who paid him the difference between their asking price and an inflated price Wazwaz came up with.

Most Popular Articles

Sales of new houses will rise to a 13-year high in 2020, NAR’s chief economist says

Sales of new homes probably will rise to a 13-year high in 2020 as the U.S. dodges a recession, according to Lawrence Yun, chief economist of the National Association of Realtors.

Nov 08, 2019 By

Latest Articles

NAR bans “pocket listings”

The National Association of Realtors board of directors voted 729-70 on Monday to ban the controversial practice of “pocket listings.”

Nov 12, 2019 By