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08-07-2009, 10:17 AM #1
Fixer Upper
- Join Date
- Aug 2009
- Posts
- 17
Home Owners Equity Scimming a Felony
Many agents have dabled in some property management, trying to rent homes for owners who cannot sell. The problem is that in many cases especially,the luxury home market, owners and builders are renting their homes for far less than the acutal mortgage or loan payment with no means to make up the difference. Technically, this is called 'Equity Scimming' which most agents are well aware of. As an agent trying to keep or establish a good name in the community, this is something you should be wary of. Putting a family in a home that is going to foreclosure, even if you didn't know about it and the owner lied to you about it, makes your company look very bad. The renters can then go to the Real Estate board and cause you many headaches. I have found there is no way to prevent this 100% but, telling the owner up front that you have no tollerance for this and scare them a little with the felony may help; if they have any intention of doing this you probably will not hear from then again. Beleive me you won't want to either. Check me out on my web site at new start real money real fast.com



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