Remember our discussion from the last post - there is a difference between someone who legitimately purchases a property, fixes it up and sells it for a profit. In this instance, the person is legitimately purchashing a property with the intent to improve it and will sell the property for a (deserved) profit after the improvements. This is legitimate property flipping.
Illegal flipping is when a person or, more likely, persons are purchasing a property which has low value but are intentionally and knowingly inflating the price of the property. This usually involves a conspiracy between the purchaser of the property, seller of the property and the property appraiser. Sometimes even mortgage companies are involved. The key here is the intent is to deceive, not to improve.
We will wrap up this discussion in the next post.
Illegal flipping is when a person or, more likely, persons are purchasing a property which has low value but are intentionally and knowingly inflating the price of the property. This usually involves a conspiracy between the purchaser of the property, seller of the property and the property appraiser. Sometimes even mortgage companies are involved. The key here is the intent is to deceive, not to improve.
We will wrap up this discussion in the next post.
NOTE: THE INFORMATION IN THIS BLOG IS NOT LEGAL ADVICE NOR
IS IT INTENDED TO BE LEGAL ADVICE. IF
THE READER HAS ANY LEGAL QUESTIONS, PLEASE REFER TO AN ATTORNEY.
----------à>>>>>>>>>>>>>>>gene
tausk
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