Black Gray
By admin. Filed in Travel In USA |
Black or White
In a company like ours, there are many gray areas. But do you really know what is gray and what is not?
When Sharon and I started in this case we have structured deals with how our mortgage brokers have told us. It was not until we had been in the business for some time that we began to question whether or not certain markets were in the "gray area". Fortunately for us, we do not break the law. However, many investors are and have been imprisoned or have been severely punished because of it. How does a new investor to avoid the traps of unscrupulous estate agents Mortgage Brokers? Easy if you can not put it on the closing statement or show your accountant, you should not do.
We want to share a scenario gray area with you so you understand what we are talking about.
You have a property to sell for $ 80,000. You find a buyer who likes him but can only receive a loan of 80%. Your buyer has no cash and needs 100% financing. Your broker Mortgage tells you to do the sales contract for $ 100,000 and that there will be buyers 80% of this amount by giving them a $ 80,000 loan. In essence, your buyers now have a 100% financing. The broker then tells you to prepare a second mortgage for the additional $ 20,000 ($ 100,000 contract price, minus the $ 80,000 loan) and it meets the closing table. You agree to think it all sounds good. The closing day arrives, the buyer gets the loan 80% you close on one side, and then you sign papers to satisfy a second mortgage you do not intend to collect. It looks like a good deal for everyone, right? Wrong! This is bank fraud. If you can not put the second mortgage on the closing statement or you not really the collection of money or you inflated the price for your buyer 100% financing, you have, without a shadow if doubt, committed a fraud.
There are so many mortgage brokers who do, it's scary. There are other ways to get your qualified buyers without committing fraud. You can pay part of their closing costs, you can provide letters of gifts, some banks allow the seller to legitimately bring a second mortgage, others can afford to pay a portion of their deposit. We know how desperate investors want to close their doors, but if please do so within the law. There were two mortgage brokers in the recently who have been arrested on charges fraud. We happen to know one of them. Do not let greed or inexperience you drive on the wrong path.
If are a new investor and do not know where to start, contact a group leader or another investor. We are happy to offer advice, give you the names of people we have worked successfully with and help you in every way possible. Attend meetings of investors is the best how to find every person you need to succeed in this business. Other investors will be happy to share with you who works in the area "White" and who does not work.
About the Author
Dwan Bent-Twyford is the Co-Founder and Faculty Head of The Investors Edge University, a company that specializes in training new and seasoned investors in a wide range of real-estate investing techniques through live workshops and seminars.
Dwan is President of Financial Freedom Through Foreclosures. Her company specializes in educating new as well as seasoned investors through a series of home study courses and boot camps.
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