BUY and BAIL could land you in JAIL !-REALTORS BEWARE !

When this interesting market we entered into started happening, I was getting asked the same question over and over by many clients: CAN I BUY A NEW HOUSE QUICKLY AND THEN WALK AWAY FROM MY CURRENT HOME THAT I AM UPSIDE DOWN ON THE LOAN ? You see the scam would be that the owner would "claim" that he/she was planning on renting out the current house after they bought the new one. It seems reasonable right? Well the problem is that the buyer's never had any intention of keeping that house or trying to rent it. Once a client discloses that their intention is to "BUY AND BAIL", you are now an accomplice to FRAUD ! Besides the most basic problem of possibly going to jail, you also put your brokerage in jepeordy of losing their license and reputation as a reputable company. We are all aware of the tough times in this current market, but no one transction is every worth any of us hard working agents losing our license or freedom ! So the next time you are asked that question by a client respond by saying : IF YOU BUY AND BAIL YOU COULD LAND IN JAIL !