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Originally Posted by outtarentals
I realized that the practice of offering a house at a "price range" - sometimes with $50K - $100K or more difference between the lower and upper asking prices was just asking for a scheme like this and I'd noticed some houses were closing at seemingly very high sales prices - compared to recent sales in the area - I wonder now how many of these fraudulent sales were happening and in what areas of the country...
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There is a group in the DC area called Metro Dream Homes that was just shut down for operating a Ponzi Scheme. They encouraged home buyers to invest 15% of the purchase price (sometimes by paying over asking price with the cooperation of the seller). They operated in MD,DC, VA,NC, and also SoCal. They had over 900 homes in the program. The investment was supposed to go into an ATM's, POS, and Digital Ad business and the investor got thier mortgage payments made for them and mortgage paid off in 5-7 yrs.
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