Industry News

Watchdogs warn of real estate investment offer

Duo seeks buyer names and credit histories for Florida properties

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A real estate investment partnership in Florida seeking the names and credit histories of new buyers to use in real estate purchases could leave borrowers stuck footing the mortgage bill, an industry watchdog warns. An ad, which went up on eBay at the end of June, sought investors with good credit and offered individuals up to $18,000 to participate in real estate deals with Charles Gunter Jr., a Florida licensed mortgage broker, and Bruce Sarafian, a Florida licensed real estate sales associate. The two men are seeking individuals willing to buy investment property in central Florida as part of an arrangement with them and are offering $7,000 for one deal, $11,000 for two, $14,000 for three and $18,000 for four, according to the ad. Here's how the arrangement purports to work: After the purchase of a property closes, the property would go into a trust, the ad said, and Gunter and Sarafian pledged to find renters to live in the homes and cover the mortgage by paying rent. Then the tw...