Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

"A family friend wants to buy his first house and has asked me to help by adding his name to my bank account. His broker told him this would help secure a better loan and will pose no risk to me. I would like to help my friend–who I trust to be responsible–but I am less sure of the broker. What would you counsel?" I wouldn't do this for my closest buddy, because it would place our friendship at risk, and requires me to participate in a fraud. I would either gift him the money he needs, or counsel him to wait until he can save it himself. The broker is mistaken when he says that placing your friend's name on your account poses no risk to you. Even though you are certain he is not going to run off with your money, what happens if he doesn't have enough money to close? One of the...