Fraudulent House Flippers Finding, Forgetting and Hiding Flaws |
|
By: Lance Winslow Posted: 2008-10-06 06:25:29 |
| Many house flippers at the top of the market bought homes waving their right to inspections, some of these homes actually did have flaws, or real problems. Of course, if these house flippers were caught with these homes as the market fell many of them did whatever they could to hide the flaws that they later discovered. Hiding flaws or failing to disclose them to the buyers is fraud.Sure they probably justify it to themselves, because they are either close to financial ruin themselves or because they feel it's not their fault that the house is flawed, the owners selling to them may not have disclosed it either, some may not have even realized. But that is no excuse and two rights do not make a wrong.Not long ago, I was listening to a couple, that had still about 5-homes that they were unable to sell and get their money back out of them, homes they bought at the top of the market. Two of the homes had flaws, and they were discussing amongst themselves how to hide these flaws with built in furniture or putting in additions that would hide a cracked foundation. But anything they do is disreputable, dishonest and fraudulent.Sometimes we need to look at both the cause and effect. When the housing bubble was in full-swing house flippers and their greed caused them to over invest and after doing so, their greed is causing some of them to cheat and be less than ethical. Thus, no one should be too surprised on this issue, but buyer beware!"Lance Winslow" - Online Blog Content Service. |
| Trackback url: https://article.abc-directory.com/article/4799 |