Taken from Flippedmovie.com
About 80% of properties flipped in Buffalo are sold over the internet and are done so in the following manner.
A "buyer", usually from out of state, purchases a foreclosed property cheaply, makes no improvement to the property and quickly resells it on the internet. In many cases, they have never even set in foot in Buffalo, but we do have several people who live here and who have been making huge profits riding the internet wave and professing "They live in the Buffalo area and are different from the scammers selling online. Trust them they won't steer you wrong...buy a house from them and see HUGE profits." Well....the ones who are making HUGE profits are themselves!
Why is this a bad thing?
In most cases the properties are so grossly misrepresented that the new owner believing he purchased a "good" property finds out he bought a property that has most likely been vacant many years, is heavily vandalized and is in need of so many repairs that they abandon the property leaving the houses to continue to sit and cause further blight to already distressed neighborhoods.
Good investors vs. Bad investors
We encourage good investors to purchase property in our city. Buffalo is our home and we love our city, but in many cases the people buying houses in Buffalo do not understand the conditions here. We ask that if you are interested in buying a property in Buffalo please come see our Beautiful city first.....email us for information.
Interesting link here Sacramento Area Flippers In Trouble.
1 comment:
I saw "Flipped" last year, very powerful. Anyone who thinks flipping properties doesn't hurt anybody should see it. It not only hollows out whole neighborhoods and leaves them wastelands, but many times the unsuspecting investor who buys the property sight unseen ends up financially ruined. Not that I have much sympathy for someone who is motivated by greed enough to buy houses without ever visiting them or the city that they are in.
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