Bogus Credit Report Submitted By Tenant.

Reblogger Wallace S. Gibson, CPM
Property Manager with Gibson Management Group, Ltd.

A real estate agent in the tenant selection mix is a RED FLAG IMHO * Agents RARELY have information on the specifics of their applicants that are USEFUL to a property manager or landlord.

Original content by David Popoff Ct RE Broker 0789963

Bogus Credit Report Submitted By Tenant.

We recently received a credit report and rental application from a licensed real estate agent that contained many inconsistencies and raised a number of questions.(both supplied by tenant).

The first 3 pages of the credit report had 3 different origination dates, two of which were last year and with the cover page and a line on the bottom of each page with today’s date on it.

The rental application gave present address as a P.O. Box and a name of a bank as landlord with no contact information. Under former Landlord it was noted as NONE, but on the credit report in the last two years there were 5 former address’s all in the same town.

This applicant wanted to rent a $1.5 million dollar home and this was what was submitted by an experience licensed real estate agent from a nationwide company in one of the richest communities in the U.S.

The landlord was a little flabbergasted at these forms and so we went to the internet to see if we could find anything out. Lord and behold under the State’s Judicial website the applicant was being evicted out of a $2 plus million dollar home (according to state documents a 7 month process …. According to the MLS the home was rented out for $6,000 multiplied by 7 months = $42,000).

When presented the facts the real estate agent was very apologetic and felt betrayed by his client, the manager of this rather large national brand office take-away from this was …..called to say that he was confused...why was $42,000 mentioned in your email


My question to fellow experience ActiveRain members is:

Do you think the tenant’s agent has a responsibly to verify forms submitted by the tenant, especially if they look questionable?

Do you think the office manager reply was correct?

Would you have handled the situation differently? Not say anything?

What is your take-away from this situation?

 

My conclusion to this was that:

This is a huge waste of our agent’s time and company resources along with the possibility of being putting the company's and agents at a liability risk.

I believe that every Manager needs to put a program together for their offices to be able to limit the agent’s exposure to such a situation and protect the brands name.

*The names, locations and brands have been changed to protect the innocent.

 

 

  

David Popoff is a certified “Green Homes Specialist” Realtor with William Pitt Sotheby’s in lower Fairfield County, Connecticut.

 

DMK Property Management llc a locally owned company serving lower Fairfield County, Connecticut.

 

 

 

 

 

 

DMK Property Management, Darien, Ct.

 

David A. Popoff ~ Licensed Connecticut Realtor ~ LEED AP Homes accredited ~ Cell (203) 228-0646 ~

 ~ www.DavidPopoffCT.com ~ DavidPopoffCt@Hotmail.com ~ http://davidpopoffct.wordpress.com/ ~

 

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Rainmaker
784,080
Ed & Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

W, As always this is some good Info,  keep up the good work and good luck in 2013,  E

Mar 07, 2013 06:37 PM #1
Ambassador
2,759,212
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Good Morning, Wallace. I have come to the conclusion that nothing is below anyone. I even had an instance where someone tried to pay for an inspection with a bogus card. -- Go figure...

Mar 07, 2013 06:38 PM #2
Rainmaker
637,676
Scott Fogleman
New Home Team 804-573-9592 - Richmond, VA
Greater Good Group

Wallace- great post to reblog. I amsurprised an agent would help someone by presenting false documents..

Mar 07, 2013 06:46 PM #3
Rainmaker
1,275,994
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Real estate agents RARELY ask for verification - sometimes they just see the MD after their names and see dollar $igns

Mar 07, 2013 06:59 PM #4
Rainmaker
901,915
David Popoff
DMK Real Estate - Darien, CT
RealtorĀ®,SRS, Green ~ Fairfield County, Ct

The tenant agent had the wool pulled over his eyes, working with a so-called friend. Lesson learned never change the application rules and background check steps.

Mar 07, 2013 10:19 PM #5
Rainer
3,317
Jake Bodnar
Arizona Housing Experts - Phoenix, AZ

"Do you think the tenant’s agent has a responsibly to verify forms submitted by the tenant, especially if they look questionable?"
I think as agents we owe ourselves this responsibility. We know what was at stake for the tenant in this situation but very little about the agent. Clients with that kind money could've easily bribed him or asked him for tips on how to 'beat the system'. Theres been some deals where I've thought about doctoring background reports but then again, I've also thought about running over people in the crosswalks when I'm late to work. But thats just semantics and paints a fine line between agent integrity vs. agent accountability. Why anyone would intentionally jeopordize their real estate career in such a wreckless manner is beyond me. I never hesitate to call people out on anything that looks suspicious or might be perceived as suspicious by the receiving party. Seriously, who has that kind of time & money to waste?

What is your take-away from this situation?
That in this dimension there exists a brokerage comfortable using third-party background reports for luxury rentals. Just a 'no questions asked' policy huh? Sounds like a clear cut case hoping the landlords naïveté was worse than theirs and wouldn't bother to check the public records since it can take longer for those kind of things to show up in an electronic background report. Whether or not he aided in this tenants chicanery will probably never be known, but I do know this: I sure as hell would never submit something I didn't run without looking it over first.

Apr 02, 2013 05:13 PM #6
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