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I KNOW Them - when the FBI comes knocking

Sadly enough the FBI is pressing charges against a mother and daughter team in my local area. They were living in Manteca, which is 5 miles away. They had a buyer in who bought MY TRACY Listing.

I can't tell you how many time I've heard -- "OH WOW, I knew them, I did business with THEM."

Their offence - putting people into loans they could not afford, promising a loan modification after the first payment was made... then they would disappear.

It is such a black eye on our industry.

It also begs the question - should you do loan and sell real estate.

I know my personal opinion is NOPE, too much potential for a conflict of interest.

I'd love to hear your opinion on this.

Tracy & Mountain House, CA

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Posted by Susan Goulding; Central Valley Realtor Tracy & Mountain House CA Real Estate on 09/30/2009 12:57 AM

Comments (9)

loans and real estate

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9 Comments on I KNOW Them - when the FBI comes knocking

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I certainly wouldn't trust a someone to handle both my real estate purchase and my loan.

Susan: I totally agree with you. If you are a Realtor, you work with buyers and sellers who buy and sell homes. Leave the loan originating to the loan officers. No mixing of the two. NONE !

I don't care if it can bring in extra money. It is just not a good idea. Heck... it is so difficult for so many agents to simply be good agents... let alone try and originate loans. And... the checks and balances... why, out the window they go.

For the offense you mention... selling them a home, and then promising them a loan modification after their first payment was made. They ought to have the book thrown at them. It's not only wrong... it's cruel !

It's a slippery slope I would never mix the two but thats just me.

The more you make the more suspect you are. The more you know the more complex disclosure responsibilities become.

No-- even though there is an appraiser, insurance agent, and loan officer associated with my agency not one of them is on my 'suggested' lists. Not only will I not do it but will not have those associated with my agency involved in any of my transactions.

Susan - I definitely agree that mixing the two have a huge conflict of interest.I would also have to agree with Karen that it is hard enough just being an agent, why through loans into the mix as well? That is a lot of work and pressure to be able to accommodate both in a competitive and successful manor.

I agree you should not be the lender and the real estate agent.

Yikes, promising a load mod after the first payment?? Sounds like they deserve what they get.

I agree that one person should not represent the loan and real transaction. Good for the FBI putting a stop to it. I always feel for the victims.

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