Imagine that! Just when you think you have heard it all, someone comes up with a new scam for their personal gain.
Investors are making some serious money in the bid for homes at auction. At the auction you would hear some big investors making disparaging remarks about a particular property in order to gain the bid themselves. Now some investor has come up with a new scheme.
When the list comes out with new homes going to auction, prospective bidders go and look at these properties to see the condition to know how much to bid. Well, some genius put up an "official government looking" fake sticker stating the building has Chinese drywall. That would discourage other bidders from bidding for that home. By the way, this practice is illegal. Lenders own these homes and they would not be happy knowing someone has falsely devalued their property. They want to recoup as much money as possible.
It is certainly challenging out there. Please comment on any and all bogs. Thanks.
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