“Here’s how we’re going to get around that…”

Richard, I'm running into this with my mother's house sale.  And I do have a wonderful loan officer who thinks outside the box to solve problems, but at the same time stay in the box with respect to the legality of what he will do.

You're funny, the way you are describing the conversation, I was already thinking "oh no, one of THOSE calls"!!! - You're so right, I am not getting involved in any of those creative schemes people come up with. And they really don't even understand why!

There will always be people wanting to game the system. I will not be a part of it either. Congrats on the feature!

Hopefully EVERY real estate agent they talk to will give them the exact same answer! Then maybe they'll get it?

Isn't it amazing how many people want agents to show them property first...then talk to a lender?  I'm glad I work primarily with sellers because 9 out 10 times when I ask buyer-callers to email or fax their pre-approval letter...well, all of a sudden, they aren't interested in having me show them property!  I had a caller tell me that it was "my job" to show property and the rest was not my business...I literally laughed.  Good grief!

There are so many people who blame everyone they can think of for the loan debauchle, yet some of the same people would try to wheel and deal, and yes resort to fraud to get what they want, when they want.

Sad state of affairs.

When you think you heard it all....you haven't.

Richard, I have a quick response that I give everytime someone give me a line similar to "here's what we're gonna do so work around that.." It's just "hahahahaaaa."

nope, I don't even let them go there with me either.  I refer them to a loan officer and wish them lots of luck getting things ready to buy a home.

Richard:

Thank heaven I have never had a buyer suggest a questionable practice to me.   I would have to excuse myself for the transaction.  I know of a situation where that has happened and I want to report the offender, but I don't think there is a way to do that, so I just hold my tongue.

Fraud is a very ugly word. Fraud can have some ugly consequences, also. In addition, there are some schemes that, while not truly fraudulent, cross the line of ethical constraints.

Hilarious.  So true though.

there are no shortcuts. Fraud is a serious thing esp when getting a mortgage. Tell the truth, do the right thing and everyone will be ok. Good job!

Richard,

Don't people realize this is how the mortgage scheme all started?

I am lucky because the majority of my clients make cash offers - and they always get their mortgage.  But just this week while helping a young couple buy their first home, we are running into roadblocks. 

They have also become very creative because they really want this house.  Fortunately - their scheme is legal and aboveboard and things will work out.  Let's just say relatives can come in handly in these situations.

That aside, do buyers think they won't get caught if they try something sneaky?

You are right - but that is pretty harsh.  I guess we say the same thing in gentler ways.  :)  thanks for your post!

Richard,

Preach it. Its always amusing to me when a couple that never has purchased a home begins to tell me how the system works. I let them finish and gently explain reality to them. Its why a great mortgage agent is a REALTOR's best friend.

-Brent

I love listening to their creative ideas ... sometimes the ideas only require a slight modification to be legal.