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Closing deals

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realestateguru | 25 Sep 2014, 12:52 PM Agree 0
I was wondering what are the thoughts on closing two deals in one day to allow buyers, or more so investors, get over the five-door rule? I read a story of a broker advised his client to do this. Is this now a common practice? Basically, they were advised not to disclose the second deal to the lender while closing the first deal. Thoughts?
  • Bernie Mead | 10 Oct 2014, 03:04 PM Agree 0
    I've never heard of doing that and I don't know that you could actually do it without having to disclose any other transactions in process. Also your personal credit history would probably reflect the other deal, no?
  • Lawrence Kobescak | 16 Jan 2015, 10:28 PM Agree 0
    What you are suggesting is mortgage fraud. There is no need either. National Bank will do up to 16 doors.
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