Crooked Real Estate Agents in Boise?
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.
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.
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