Quote:
Originally Posted by SuzyH
I believe that a real estate agent should be able to say that a transaction that provides a $35k vehicle as part of a $450k sale without knowledge and approval by the lender constitutes a fraud. I don't know the specifics of the Bella deal either, but there certainly were many deals made during the run up like the foregoing as described, and you should absolutely have no problem saying that this, as described, is a fraud. You don't want to because you know that your real estate cronies participated in this. At some point you have to voice your distaste for the fraudsters and criminals. I expect you to do so and think you should do so sooner rather than later.
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You admit you don't know the details of any of these deals....yet you declare them illegal and fraudulent. You don't know that the $35k BMW comes with a $425k condo. You don't know whether the lenders are aware of this offer. As I pointed out, the ad is quite vague. I've seen ads for "free cars" with home purchase...but if you look at the details it is often a 2yr lease valued at maybe $8,000. You don't have all the details on this offer, nor do I yet you expect me to declare it illegal? I don't comment on things I don't know about. If you have the agreements of sale and settlement sheets in hand for these "questionable" deals I would be happy to review them. Otherwise, neither you nor anyone else can deem them to be illegal.
I have no reason to defend other realtors nor do I have any reason to attack them without all....or ANY... of the details. Do you want me to say I abhor people who commit fraud and other crimes. OK. I don't like criminals. Happy? Of course, until you show me actual evidence of a crime or fraud all we are operating on is your assumptions.
Were artificially inflated appraisals done? I'm sure. Were banks and agents complicit in these? I'm sure. Does this apply to most, all or many transactions? Not as far as I can tell. To my knowledge every deal I have been involved in was legit.