Fake Receipts?
I am doing a deal that has a big equity spread. I am the seller and the buyers motgage broker is telling me to make up around 17k worth of fake receipts. I only did about 2500 worth of work and he says the deal cant go unless I cover all of my profit with fake receipts. Does anyone know the legalaliteis of doing something like this?
if caught in forgery....is one deal really worth your livelyhood?
is one deal worth 20?
think about this one and what does your innate sense (conscience) tell you?
I think he asking if he is breaking a specific law.
I do not know the legalities of doing this so I can not answer your question. I suspect you can not get thrown in jail for showing fake receipts unless they make you sign an affadavit.
Brenda
LOAN FRAUD!!
The "fake" receipts are to boost the value so that the broker can secure the loan. Sounds like a title seasoning issue to me.
ILLEGAL [ Edited by WheelerDealer on Date 03/02/2004 ]
Broker is trying to justify large growth in price and he's looking at repairs as the way to do this. It is fraud and can get you into trouble. How long have you owned the house? What did you pay for it? What price are you selling ? How can you justify the increase in value? If the value increase is legit then you shouldn't need the receipts.
Immoral and illegal - even if you do not get caught.
[addsig]
Forget the receipts. Go and pull your own comps! Show the comps instead of the receipts to justify the sale!
Best Riches,
Jeffrey Adam
[addsig]
Your Mortgage Broker is short cutting the deal and sticking you up at the point. Back off. The answer is find comps and supply them to justify your position. That is the legit way to do it.
Check recent sales last six months and select from them those that are comparable.
Also compare and see if your price is in the averages for property such as yours.
Here is a case when really good curb appeal is important include pictures in and out on your submissions.
Cheers Lucius
Have an appraisal done to back up your price. Have your agent back up your price with comps. Do not supply fake receipts,it can constitute fraud.