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Crooked Real Estate Agents in Boise?

Reblogger Kasey & John Boles
Managing Real Estate Broker with Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com Designated Broker DB29503

My Broker wrote a quick post about strategic defaults and buying a home and then short selling your other home.  I know there are people out there doing this - but honestly I would not want to be a part of it either.  If you can qualify for two homes, purchase one and then just let your other one go there is something wrong with that picture.  As many of the commenters have mentioned on my broker's original post, a short sale is for people in a hardship situation, not for people to be able to take advantage of the system.

Original content by Jon Gosche

I just got of the phone with a guy who called me and said that his neighbor was moving.  He had bought a new house and now had his first house up for a short sale!  He wanted to know if he could do that.  In Idaho banks can go after you for the amount difference between what they get for a short sale or a foreclosure.  Maybe this hasn't been done yet.  But I think your asking for it and someday someone is going to get it.

If not illegal, this is certainly unethical.  I know there are Realtors knowingly doing this.  I think there are going to be some repercussions like  licenses.  Or maybe jail.   I would not knowingly do this.  This guy was not very upside down.  A year or two and he may not be.  He got a new job, better income and is going to be able to get right side up.   I hope to help him in a year or so.

Jon Gosche Broker, GRI e-Pro

Jon Gosche Real Estate

www.BoiseMeridianRealEstate.com

208-870-2115

Mimi Foster
Falcon Property Company - Colorado Springs, CO
Voted Colorado Springs Best Realtor

A friend of mine was going thru a divorce.  Her soon-to-be ex was losing his job.  Right now they could afford to qualify for a new home, but they could never afford to stay in the one they were in.  She wanted to know if I would help her buy a new one and then short-sale the old one.  I looked on it as mortgage fraud (if nothing else) and told her that I couldn't help her.  She told me that she was going to short sale her home anyway, and she wanted to own one while she could.  She found someone to help her.  I thought it was a fine line.

Mar 19, 2012 12:05 PM
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Yeah, Mimi, it makes me uncomfortable.  I know that people who have talked to us about it have gone and found someone else that will help them do it, but I agree with your look on it being mortgage fraud and a fine line.  Just not something I want to be a part of.

Mar 19, 2012 12:19 PM
Jon Gosche
Jon Gosche Real Estate - Boise, ID

I don't think it is a fine line at all.  I have talked to Real Estate commissioners who don't either.  I think any agent who is involved in this is taking a big risk if they don't think it is dishonest and any Broker knowingly acknowledging it is taking a big chance.  I would sure talk to a lawyer, the state attorney general, and my state real commission before I even thought of being involved.  And finally, just because something is legal doesn't make it ethical.  We have made a lot of income doing short sales, but short sales have costs tax payers and investors a lot of money.  It has caused all of our home prices to drop. 

I say this sympathizing for upside down home owners.  But someone loses the money.  Not just the home owners.  I was he who posted this initially.  I hope more agents comment.

Mar 19, 2012 02:40 PM
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

You are right Dad.

Mar 22, 2012 12:57 PM