Reactions to "Investors get best deals" by Jerry Anthony?

Discussion in 'Sun City General Discussions' started by suncityjack, Aug 24, 2013.

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  1. suncityjack

    suncityjack Active Member

    Catching up on last wk's SC Independent and was stunned by article mentioned in this thread's title. He mentions that some of the overnight home selling is because of a scam involving investors and the U.S. Dept. of Housing and Urban Development:
    "Properties are listed at HUD with so-called HUD specialty realtors/brokers. They jack up the price to keep owner-occupant buyers away until the 30-day period, then the listing HUD agent contacts his local Realtor friends just before the property hits the market with the new price. The investor shows up with the insider/friend Realtor and makes a cash offer guaranteed to be the best one because the HUD Realtor tells his friends what all the other offers are so they do not pay too much. Bank-owned properties are just as bad, if not worse." Comments/concerns?
     

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