Do You Not Understand Its Mortgage Fraud?

By Maggie Dokic on August 18th, 2007
Categories: Coral Gables, Cutler Bay, For Buyers, For Sellers, Kendall, Palmetto Bay, Pinecrest, Real Estate Chatter, Southwest Dade

I like selling real estate in the Miami Redland. I’ve met some great people in my business. I’ve helped lots of folks and knowing I’ve done a good job is extremely satisfying to me.

Yesterday I didn’t like one of the people who contacted me. I was on my way to a meeting in Aventura and driving on I-95. I’m not that familiar with the area and was keeping an eye on the exits.

My phone rang and I answered, “Hello, this is Maggie!” The gentleman on the phone asked me about some homes in an area of Homestead. I told him that I didn’t have homes available specifically where he said but a little further away I have a development listed with 15 homes still available for sale and affordable.

He asked me for the prices and if there were any incentives. I answered all his questions and he said something about wanting “cash back.” I told him we were not offering cash back at closing. I went even further and told him it was mortgage fraud and illegal.

He said to let him worry about that. He asked me again for the prices. I repeated them. “What will they appraise at?” he asked me. OK, now I see he’s trying to skin the cat a different way. I know where he’s headed with this.

I tried really hard to not sound arrogant when I replied, “they will appraise at what they’re priced at. If they were to appraise higher, we would be selling them for more money.” Now this may seem like common sense, but I did understand where he was headed. He’s familiar with appraisals that come in, magically, at numbers that are inflated. These inflated appraisals are key in being able to commit mortgage fraud. I guess he thinks he knows my business better than I do.

Mr. Cash Back must have realized that my patience was wearing thin. He told me he’d call me back if he decided to look at these homes. I’m happy if he loses my phone number. The only orange I look good in is perhaps an orange scarf. An entire jumpsuit might be a bit much. Besides that, I worked hard for my license and am actually proud of it. I won’t be risking losing it anytime soon.

By the time I hung up I realized I had passed my exit by 5 miles. Dagnabit!

This entry was posted on Saturday, August 18th, 2007 at 4:26 pm and is filed under Coral Gables, Cutler Bay, For Buyers, For Sellers, Kendall, Palmetto Bay, Pinecrest, Real Estate Chatter, Southwest Dade. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

1. Ashley Drake Gephart - ABQ Homes said at August 19th, 2007 at 5:30 am

   Good for you Deputy Maggie for telling him like it is. Besides I don’t want to send letters to you in jail!

2. Maggie said at August 20th, 2007 at 7:51 pm

   Ashley, I like cakes, but a file in it would just throw off the taste a bit. I’d need a trip to the dentist too. lol

3. Missy Caulk said at August 22nd, 2007 at 8:14 pm

   You did good, he was definatly feeling you out. I like that The house will appraise for what it is listed at or we would have it higher. We always have to be on our toes, don’t we ?

4. Maggie said at August 24th, 2007 at 3:57 am

   Missy, that attitude is all too prevalent in this area. I get comments about “cash back” all the time. I can’t blame them when I actually see billboards up advertising it. They must think it’s normal. As an industry, we need to clean that up. The FBI is giving us a hand with that in Miami. LOL

5. Louisville Real Estate said at August 26th, 2007 at 3:33 pm

   I’m suprised you were that polite with him to begin with. I know if I got a call like that I would have a hard time being cordial.

6. Jay & Boomer Jack said at August 27th, 2007 at 5:20 am

   I wonder if it hurt when he ran into that brick wall? Good job at slowing down that schemer a bit.
   Jay

7. IndyAgent said at August 28th, 2007 at 2:03 am

   Maggie – Great response! These people must believe we are desperate to even entertain their illegal activity. Like you, orange is not my best color.

8. Ryan Hukill said at September 12th, 2007 at 11:21 pm

   Maggie, way to stand strong girl. I had a similar incident late last week and posted about it on AR. It’s amazing how many bozos out there are still trying this stuff.

9. Maggie said at September 13th, 2007 at 4:28 pm

   Oh my…what a bad hostess I’ve been. Jay, Paula, Ryan, sorry!!

   Jay, your sense of humor is always appreciated. =)

   Paula, mortgage fraud was so rampant in our county that the public now thinks that this is the usual mode of business. HA! Some of us are trying to re-educate them.

   Ryan, way too many, I agree. I have to stop by your post and catch up!

10. Jon Boyd said at November 10th, 2008 at 12:11 am

    Maggie,

    I know the feeling.

    We had a buyer walk into our office a while back and start talking about getting a purchase money loan from a seller that would be forgiven after closing.

    We nicely referred him to the traditional real estate company next door. – just kidding –

    Actually we told him that what he described was unethical and that we wouldn’t be working with him.