Jun 10, 2021
9:48:38am
9:48:38am
I don't know what the solution would be either.
Even if you limited it to individuals and not corporations people would just find ways around that.
I have personal experience with a scumbag real estate agent who was getting listings and then finding straw buyers to purchase the homes at just above the next highest bid. Through legal loopholes, he would transfer the properties back into his name after the sale was completed.
The banks have no incentive to crack down on this because they are getting paid the top bid. The only people who get screwed are people who are trying to honestly bid on a home. Eventually he lost his license but his wife still has her license so they likely still run the same scam.
I have personal experience with a scumbag real estate agent who was getting listings and then finding straw buyers to purchase the homes at just above the next highest bid. Through legal loopholes, he would transfer the properties back into his name after the sale was completed.
The banks have no incentive to crack down on this because they are getting paid the top bid. The only people who get screwed are people who are trying to honestly bid on a home. Eventually he lost his license but his wife still has her license so they likely still run the same scam.
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- Shore10
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