Real Estate Dispatch - 12/10/06
Author: Joshua Dorkin • URL: http://www.biggerpockets.com/December 10th, 2006 •
- Sign of the Times: Wichita developer hit with foreclosure lawsuit
- Market Analysis: Boom bust cycles in real estate, stocks and dollar shows stocks are headed for a massive fall in 2007
- Bubble Wrap: Government data show more criminals – and more consumers – lied to sell or buy expensive homes.
- Consumer Watch: Foreclosure ‘rescue’ scams are on the rise
- Real Estate Marketplace: Home buyers gain power with recent drop in mortgage interest rates
- Industry Insight: Housing market has builders on edge
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Joshua Dorkin
Charles Feldman
Ted Karsch.
Troy Schuricht
Richard Warren
Jim Watkins
It’s not just home buyers and sellers that are lying–the biggest liars I’ve run across are the mortgage brokers. I was personally scammed badly by a mortgage broker who acted like he was are best friend, then refused to answer the phone or messages for months when we really needed him. Essentially he committed fraud, but I don’t know if a court would see it that way or not. I make it a point to be upfront and honest with people I deal with in the foreclosure market. Is it asking to much for other people to act the same way?
Diana, I have to agree with you on that. When I first got into the real estate business, I quickly learned to stay away from mortgage brokers. Unfortunately, any broker now has to go through my own personal “honesty checklist” which last for a minimum of 6 months to a year…unless they are an admirable friend of mine or family member, I just won’t deal with them.
This is the questions, what constitute real estate fruad,misrepresentation,or bad faith. What types of things are suppose to be disclosed when selling a property? If tenants are behind in the rent? Do you have to tell the buyer before closeing or after?How do you know if financials for the property have been misrepresented?How can a property appraise higher before repairs are done,then major repairs like almost new kitchens,all new baths. A market analysis is done,an it comes back lower then the purchase price. A hundred thousand more or less. It is an investment property 6 units nice neighborhood. Can you explain this puzzle for me. Happy Holidays,Thank you
i live in toronto ont . i need 2 to 3 months more time to find a home for my family they all are treating me like a criminal please help i had a bad agent please help.