Is This Legal??? - Posted by RTaylor, Ohio
Posted by RTaylor, Ohio on March 16, 2001 at 23:02:50:
I recently spoke with a guy who is a loan officer , he revealed to me that he makes his money through investing by finding people to go and negotiate low accepted offers, then
he finds new investors who want to buy property for cashflow. He then sells to them at appraised value, he puts on the HUD that the difference is a payoff on a bill which is really his corporate name and account, he later gives the buyer $2-$3,000 for buying it and pays the birddog 25% not to mention that the commission for doing the loan he gets as well. All signs says this is illegal but I want your opinion.