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Cashback Mortgage Scams in the Vancouver Condo Market

Blog by Ian Watt | January 19th, 2009

Vancouver Condo Real Estate Video Blog #224 - January 19, 2009

Cashback Mortgage Scams in the Vancouver Condo Market

Ian Watt video blogs about cashback mortgage scam that is presently being run around in Downtown Vancouver real estate. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.


Ian Watt:  Hi good afternoon! It’s Ian Watt in Downtown Vancouver. One thing that I'm blown away by is that the last month I've had three offers on three different properties with different realtors. All of them a part of some sort of little mortgage scam here. Now that's the interesting thing because what they're doing they putting an offer and say for $500,000 dollars on a property above full price sorry even at full price offer. And then they attach the contract. The last page there's a separate addendum. That's not even the part of the contract saying that the owner after it's a price doubt and after the completion and everything. The owners gonna give the buyer a check for 50 or 80,000 or whatever it is. Back to his personal account on the sly. So people are scamming the mortgages, they scamming the royal banker whoever it is that they're applying this mortgages through and they are also scamming the people you know and of course probably even tax as well. It is unfortunate situation but the thing that really upsets me the most is that this are realtors submitting offers. You think the realtors will know this is a scam maybe they have no idea. But I'm not gonna be a part of that. I just reject the offers I explain to my clients what's going on. They're just trying to scam the mortgage. They have to appraise $500,000. They get the mortgage financing for that and plus they get a check for $80,000 dollars on the side which means the $500,000 dollar property is really 420 I don't think so my license are worth more a lot of money than that. My name is Ian Watt. If you want to discuss a fraud scam like this. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!