Bubbleinfo TV Short Sale Frauds of the Year 2011

There are so many contenders that it's hard to say that these are the worst (best?), but they represent the different ways fraud is being perpetrated by realtors. For those who say I have it wrong, and that realtors don't owe the banks nothing, know this. I speak for the taxpayers who are tired of bailing out the banks, and our children and grand-children who will eventually get stuck with the bill. And just because you think a realtor's duty is to the seller doesn't give you permission to pad your own wallet. See more at bubbleinfo.com

Category:

People & Blogs

Tags:

• Klinge
• Realty
• Bubbleinfo
• TV
• short
• sale
• fraud

[JimtheRealtor]

I'd say that it usually has to be a friend/co-conspirator.

P.S. If there are any realtors who think I'm wrong, let's sit down and discuss your latest short sale....at the district attorney's office.

[JimtheRealtor]

There will be realtors who see this video and think, “Jim, you have it all wrong.”

“The listing agent’s duty is to the seller only, not the bank.”

But that is the short-sighted, greedy viewpoint. For agents to hide behind that simple thought, and ignore the big picture so they can pad their wallets is how we got here in the first place.

[JimtheRealtor]

The big-picture viewpoint:

1. It’s wrong because it’s wrong.

2. To purposely cause banks to accept less than full value increases the eventual taxpayer bailout, which our children and grandchildren will inherit. If you are OK with that, you are a dirtbag.

3. To perpetuate the fraudulent activity increases the chances that banks will shut down the realtor program, and find a way to liquidate these properties without us.

[JimtheRealtor]

4. I encourage you to sell my listings, you should allow me to sell yours. It is how the co-op realtor business was designed in the early 1960s, and should be respected – or disbanded once and for all for the kill-or-be-killed program.

If you are a realtor and still have a problem with this, then submit your name and license number with your comment so I can turn you in too:

[sakidd1]

@padrianmedrano

Here's the phone number of the HUD fraud hotline I encourage you to refer them to this video.

hud.gov/directory/800/800num7.­cfm

[sakidd1]

yeah this needs to be exposed it's happening in my neightborhood too. Dragging down prices now everything is a short sale because it's based on fraudulent comparables. Sellers have no incentive to get the best price. Apparently banks dont either now that they're actually paying people to short sell their house.

[naxos41]

I witness something similar. My ex-GF's offer for a short-sale house was turned down and the house sold for much less. Her agent investigated the situation and found out that the seller's agent sold to his own client, taking double commissions. In the process, he defrauded the bank (and taxpayers, using Jim's logic). The ex-GF's agent wanted to report the incident to authorities, but was told by the firm she worked for not to make a stink.

[padrianmedrano]

Jim,

Have you tried emailing the banks, senators, and congressmen/women?

[earlman504]

Nice scam, whats the statute of limitations, 3 years in California?

[vhehn]

so how does the buyer convince the realtor to write one of these? do they have to be friends or is there some other motive?