Comments on: Real Estate and Ethics: Collision or Harmony? http://raincityguide.com/2006/12/03/real-estate-and-ethics-collision-or-harmony/ Seattle's Leading Resource for Real Estate Information Sat, 20 Mar 2010 05:05:28 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Todd Hutcheson http://raincityguide.com/2006/12/03/real-estate-and-ethics-collision-or-harmony/#comment-44126 Todd Hutcheson Fri, 08 Dec 2006 20:52:34 +0000 http://raincityguide.com/2006/12/03/real-estate-and-ethics-collision-or-harmony/#comment-44126 I was sold a piece of property that the person did not own. Luckily, I had title insurance. What was amazing to me is that noone wanted to prosecute this criminal. He had assumed the identity of a dead person in Canada and sold us a lot here in Florida. The only reason we caught him was he tried to sell us something else. I buy and sell homes and casas here in Florida where there is a lot of fraud, so I am happy that you took a stand for unethical behavior. Todd http://www.ibuyhomes.com I was sold a piece of property that the person did not own. Luckily, I had title insurance. What was amazing to me is that noone wanted to prosecute this criminal. He had assumed the identity of a dead person in Canada and sold us a lot here in Florida.
The only reason we caught him was he tried to sell us something else.
I buy and sell homes and casas here in Florida where there is a lot of fraud, so I am happy that you took a stand for unethical behavior.
Todd
http://www.ibuyhomes.com

]]> By: Wednesday Blogger Roundup » The Real Estate Bloggers http://raincityguide.com/2006/12/03/real-estate-and-ethics-collision-or-harmony/#comment-43263 Wednesday Blogger Roundup » The Real Estate Bloggers Wed, 06 Dec 2006 22:50:55 +0000 http://raincityguide.com/2006/12/03/real-estate-and-ethics-collision-or-harmony/#comment-43263 [...] Real Estate and Ethics: Collision or Harmony?  – Tim over at Rain City Guide discusses some issues that faced a local mortgage company that flamed out and things to watch out for when doing business. Great post. [...] [...] Real Estate and Ethics: Collision or Harmony?  – Tim over at Rain City Guide discusses some issues that faced a local mortgage company that flamed out and things to watch out for when doing business. Great post. [...]

]]> By: Tim http://raincityguide.com/2006/12/03/real-estate-and-ethics-collision-or-harmony/#comment-42489 Tim Mon, 04 Dec 2006 18:24:54 +0000 http://raincityguide.com/2006/12/03/real-estate-and-ethics-collision-or-harmony/#comment-42489 Yes, our office pulled the plug on the transaction. Currently, the transaction was placed with a title company. Obviously pulling the plug at the 11th hour has raised eyebrows with the title company. One way to combat fraud and this is in no way a commentary or suggestive of the subject transaction, is for closing agents to never let loan/closing documents leave the possession of their office or office staff**: -do not give loan documents to the loan officer originating the loan. -do not give the loan or any closing documents to agents involved with the transaction. Note: it is somewhat common for loan officers or agents to wish to act as a delivery service of closing/loan documents and have their client sign in front of a Notary, but this is generally a practice to avoid. **Closing agents should have very close and established working relationships with Mobile Notaries if they are to be hired to sign out of area clients or for clients who do not make time to sign closing papers at the escrow office. Yes, our office pulled the plug on the transaction. Currently, the transaction was placed with a title company. Obviously pulling the plug at the 11th hour has raised eyebrows with the title company.

One way to combat fraud and this is in no way a commentary or suggestive of the subject transaction, is for closing agents to never let loan/closing documents leave the possession of their office or office staff**:

-do not give loan documents to the loan officer originating the loan.

-do not give the loan or any closing documents to agents involved with the transaction.

Note: it is somewhat common for loan officers or agents to wish to act as a delivery service of closing/loan documents and have their client sign in front of a Notary, but this is generally a practice to avoid.

**Closing agents should have very close and established working relationships with Mobile Notaries if they are to be hired to sign out of area clients or for clients who do not make time to sign closing papers at the escrow office.

]]> By: Jillayne Schlicke http://raincityguide.com/2006/12/03/real-estate-and-ethics-collision-or-harmony/#comment-42381 Jillayne Schlicke Mon, 04 Dec 2006 07:01:38 +0000 http://raincityguide.com/2006/12/03/real-estate-and-ethics-collision-or-harmony/#comment-42381 Hi Tim, Sounds like you chose NOT to close the transaction. Question: Do you plan to file a report with the state regulators about the possible fraudulent transaction? In the Merit Mortgage story, Elizabeth Rhodes mentions that our state's Department of Financial Institutions did not investigate Merit due to lack of any formal consumer complaints. On the Seattle PI RE Professionals blog, I have posted six questions for the former senior managers of Merit, who are all still in the mortgage business. http://blog.seattlepi.nwsource.com/realestate/ Hi Tim,

Sounds like you chose NOT to close the transaction. Question: Do you plan to file a report with the state regulators about the possible fraudulent transaction?

In the Merit Mortgage story, Elizabeth Rhodes mentions that our state’s Department of Financial Institutions did not investigate Merit due to lack of any formal consumer complaints.

On the Seattle PI RE Professionals blog, I have posted six questions for the former senior managers of Merit, who are all still in the mortgage business.
http://blog.seattlepi.nwsource.com/realestate/

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