I have been in serving this industry for over a decade and I am baffled I heard this 1st time but did not believe this is happening all these years...
***SCAM***
Here is the scenario:
The real estate agent promises "buyers a 2% rebate on the closing statement subjected to lender's approval."
The selling agent recommends his lender who gives a steal deal loan options.....
A week prior to closing lender informs the purchaser that the underwriter cannot accept the agent's rebate due to their financing guidelines.
Now the buyer who is furiously upset cannot default on the contract, waives the rebate and proceeds with the closing. The agent at the end earns the commission without departing a penny.
I don't know if the lender and agent have some sort of arrangements or relationship.
Have you heard or seen something like this? I am baffled how low someone can go to bait a buyer. I heard 2 incidences very similar stories about buying experience just this past month.
If you are a buyer please be mindful and don't fall for it.
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