I have an investor wanting to purchase two homes. They are relatively inexpensive, but the investor wants to use two different mortgage companies and close on the same day. In this way, the investor can qualify for each property without the debt to income ratio being compromised.
I informed the investor that I could not do this, since this constitutes loan fraud. I consulted another real estate agent friend of mine at church this morning. When you close on a loan, you are stating that you have not incurred any further debts that the bank does not know about. The punishment for such offenses is prison time.
Lesson learned: It doesn't matter how "hungry" you are to be successful. You have to pick and choose your sellers and buyers. Don't do anything that can compromise your personal ethics or a law.
Jamie Parker
Snellville Realtor
Comments(0)