I borrowed the attached from a realtor in South Florida.
“The housing collapse has produced a new breed of mortgage fraudsters, with dishonest companies targeting distressed homeowners with foreclosure rescue and modification scams. Beware of slick advertising! Is your agent solvent? If your agent cannot manage their own properties, how can they advise you about yours? I'd be happy to show you some examples.”
She couldn’t be more precise. If you are approached by a financial advisor regarding Investment or retirement accounts, realty or mortgage transactions, personal or small business loans, or life insurance coverage, ask to see their financials. If they are unable or hesitant, for obvious reasons, to show them to you at a very high level; you should become suspicious. If your house is not “clean” how can you formulate an opinion or offer to clean mine?
Keep in mind that the transactions I just mentioned are BIG TICKET (important) transactions that ought to be handled by professionals. When I say professionals, such individuals should be able to apply the same principals (concepts) they advise on, and make a living out of, to their personal finances.
Do not fall for scams or unscrupulous “professionals” that are ONLY concerned with making money out of your transaction independently of whether you are getting the best deal possible. When in doubt, get a second opinion. If your representative minds that you shop around, he/she may not be providing you fair advice.
As with a medical procedure, second opinions are a must for financial transactions. Do not rush into making decisions you may regret in the future. If it sounds too good to be true, it is probably not true.
