Mesa, Arizona - The Buy and Bail Scheme Is Still Alive And Well!!!
Recently I received a telephone call from a Realtor from another state. He introduced himself, told me he had found me through Active Rain, and knew so and so, and so and so - yada, yada......
After we had finish
ed with our introductions, he told me he had a client that had a home in Mesa, Arizona, and they wanted to find someone to list it for them. As I began to question him on the circumstances of the sale, he said that the sellers just “needed” it listed. I prodded him further asking if they had taken out a second and if they were upside down. He said, "yes," and basically needed it listed in order to complete their purchase of a home through him.
He further went on to tell me that they didn’t really care whether they sold it or not, and he
didn’t need a referral fee. Sound fishy? Yep, to me it did – and it was.
I told him this: “they are buying another home and bailing on this one,” aren't they? He hemmed and hawed, and pretty much acknowledged this to be true - actually he "thought" it "might" be the case, but “he didn’t know for sure.”
I told him that it is mortgage fraud knowing when you purchase one home that you are walking away from the other one!! You see, I have very strong feelings about this type of mind set. (See my previous post written in June 2008 on the Buy and Bail phenomena.) NO WONDER we are in such dire straits in America!! Guess who picks up the tab? US!!! People don’t think twice about their obligations to keep their promises – AND – this agent had never heard of the Buy and Bail scheme. Maybe yes, maybe no!! Hopefully all Realtors are aware of this egregious behavior and DO not assist buyers/sellers with transactions of this type.
Mesa, Arizona Real Estate. Call me at: 480.216-3334 for information on purchasing or selling a home in Mesa, Arizona or surrounding towns. OR email me: Teri@TeriEllis.com. Feel free to visit one of my websites: HomesAzRE.com, ServingMesaArizona, MoveToMesaAz.com or MoveToSunnyAz.com. Or stop by my blogs at: MesaAzRealEstateVoice; or Phoenix Valley Real Estate Blog
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