WHEN IT COMES TO FRAUD, WHO ARE YOU PROTECTING?
By Paula Swayne on Dec 05, 2009 in Takin’ It In The Short Sales, What You Need To Know About Buying and Selling Real Estate
I was at a luncheon the other day when a Realtor shared her story of a
short sale listing she has. It had received multiple offers and one of the buyers agents had offered to pay her seller $5000 if her seller would take their offer (of course, AFTER close of escrow). She had told the story because she was surprised that in this day of regulation upon regulation, someone would still think it was okay to offer this.
However, when we asked her what she did, her response surprised me. Now, I can think of a multitude of answers to this buyers agent (notice I did not use the term “Realtor”).
- Fine, as long as it is on the HUD statement and so, transparent. (We all know this wouldn’t happen!)
- While I am sure my seller could use the extra $5000, this is fraud and I will not recommend to my seller that they proceed with your offer.
- I am not willing to risk my license in order to sell a house…and believe me, it can happen.
- Speaking to the seller…”If you do this, and the lender finds out, you could be in serious financial jeopardy.”
She told us that she was concerned that she primarily represent her seller’s interest, which would be to take the $5000. However, understanding that this was fraud and her seller would be at risk, she would let her know about fraud and then let the seller decide. She said she didn’t want to appear to be the expert in this situation.
I just couldn’t restrain myself. I told her that she IS the expert in this situation. Her seller hired her for her expertise and was expecting her to guide her through the short sale process. Of course you tell her that this is fraud and that you will have nothing to do with it. Not only does it put the seller in jeopardy, but it puts the agents license in jeopardy as well.
I wouldn’t hesitate to put my own livelihood before knowingly committing fraud. But then, that’s just me!
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About the Author
Paula is a native Sacramentan, born and raised in South Land Park. She attended Sutterville Elementary School, Sam Brannan Middle School, C.K. McClatchy High School and received her Bachelor of Science at Oregon State University in 1974. Paula worked as a buyer of childrens wear at Lawrences, a local Land Park department store, for nine years and as the manager of a family owned Sacramento ski rack business for another 9 years. She and her husband, Richard moved into Land Park in 1979 and loved raising their three children there. Their children now own their own homes in the Land Park area.
In 1995 Paula earned both her real estate license and broker's license. She is privileged to be a member of the Sacramento Association of Realtors Master's Club, selling more than 3 million dollars worth of property each year since 1996. Paula enjoys being the Chairperson of the Grievance Committee for the Sacramento Association of Realtors and Broker of record for Windermere Dunnigan Realtors in Land Park.
Paula is fortunate to live and work in the area in which she specializes - Land Park. She also specializes in the older neighborhoods of East Sacramento and Curtis Park. Paula is drawn to the character and the unique architecture of the homes in these tree-canopied neighborhoods featuring beautiful parks. Growing up in South Land Park, she also has experience in selling homes in this wonderful established neighborhood.
When Paula is not working
with clients, she enjoys walking her two unruly English Springer Spaniels
in William Land Park, working in her yard or the latest home project,
creating bronze sculptures or playing with her
grandchild.
Paula Swayne
4215 Freeport Blvd.
Sacramento, California 95822
Direct: (916) 454-5753
Mobile: (916) 425-9715
