Hello Worksite240, I use to live in Stn Mtn, GA. I heard of some real estate agents getting jail time for flipping property in that area. I think they defrauded a couple of mortgage companies in the way that they conducted the exchange. I would speak with someone in the industry before attempting to flip property in that area. There were issues with predatory lending and the like. Lots of new rules now. Most real estate agents should be able to answer your questions about what is legal.
Guys flipping is legal every where! Just get control of your deals and flip to the rehabber or the end user. Get the homeowner out of the deal first. Partner the deal with the homeowner and get control of the house.
Quote:
On 2002-12-26 09:59, Vern wrote:
Hello Worksite240, I use to live in Stn Mtn, GA. I heard of some real estate agents getting jail time for flipping property in that area. I think they defrauded a couple of mortgage companies in the way that they conducted the exchange.
They got jail time for fraud. Inflated apraisials, forged income documents etc. Not for selling houses. Selling a house is legal. Forging documents to obtain a loan is not.
Hello Worksite240, I use to live in Stn Mtn, GA. I heard of some real estate agents getting jail time for flipping property in that area. I think they defrauded a couple of mortgage companies in the way that they conducted the exchange. I would speak with someone in the industry before attempting to flip property in that area. There were issues with predatory lending and the like. Lots of new rules now. Most real estate agents should be able to answer your questions about what is legal.
thanks for the info...vern
any realtors on here in Atlanta with info on the subject ?
Guys flipping is legal every where! Just get control of your deals and flip to the rehabber or the end user. Get the homeowner out of the deal first. Partner the deal with the homeowner and get control of the house.
Look up my archieves
Bill Twyford
Quote:
On 2002-12-26 09:59, Vern wrote:
Hello Worksite240, I use to live in Stn Mtn, GA. I heard of some real estate agents getting jail time for flipping property in that area. I think they defrauded a couple of mortgage companies in the way that they conducted the exchange.
They got jail time for fraud. Inflated apraisials, forged income documents etc. Not for selling houses. Selling a house is legal. Forging documents to obtain a loan is not.
I found a good link.
http://www.accessatlanta.com/ajc/metro/0902/24scam.html