A recent response to one of my posts was very troubling, and I wanted to address it in a new post. Another agent had suggested setting up an LLC to hide certain fees he charged during a short sale from the foreclosing lender. He also suggested that the buyers purchase the stove from the sellers for $2,000,(clearly an above market price just to give the seller some extra cash in the transaction). These are two suggestions that I hear a lot, and honestly I'm appalled. Usually these agents will defend their suggestions, saying that they are acting in the best interest of their clients, but I disagree. In both cases the seller is opening up the potential for a mortgage fraud case, and I would say that this is never in their best interest. Let me remind you that I'm not a lawyer, but I would suggest that you consult one prior to considering either of these tactics. If you can't be 100% open and honest in the transaction, you probably should not be doing it.
With the proper team of professionals, there is no reason that you can sell your short sale without hiding anything from the lender, and still have everyone benefit from the transaction.
Joseph Cacciapaglia, MLERE
Realtor Associate®
R&I Realty
15 Potter Street
Haddonfield, NJ 08033
Office: 856.795.3111 x268
Cell: 979.218.2286
Jcacci1@gmail.com
Comments (0)Subscribe to CommentsComment