Is There a New Distressed Real Estate Scam in Town?

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hank4To;  Mayor & City Council
I am concerned about the number of new real estate buyers who are coming before the city council claiming that they did not know about code enforcement liens on the property before they bought the real estate.
This is surely a money scheme scam perpetuated by real estate agents, the seller, the buyer, the banks, the loan mortgage company, aided by the leniency of the Port Orange City Council, on the backs of Port Orange tax payers.  I wish I had money to invest in Port Orange real estate and zero in on those properties which have huge liens, because of which the real estate are sold at a cheap price, and then I can go to the city of Port Orange requesting a reduction of the liens, because “I did not know about the liens”.
Give me a break!  What a real estate scam is going on here with the city council members aiding encouraging and abetting.
See http://www.news-journalonline.com/article/20150813/NEWS/150819794/-1/BREAKING
posted 1155 am 8 14 15 http://www.popdradiolog.com
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From Hank Springer
386 852 3178
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www.popdradiolog.com



 

“If nothing else, the property’s changed hands from an irresponsible owner, so let’s call that progress and see what we can do from here,” Councilman Burnette said about the former tattoo parlor.
The property’s new owner, Ray Adams, said he got a surprise Tuesday when he discovered he misread documents and didn’t realize the property had amassed more than $700,000 in code enforcement fines that he was now responsible for.
Adams says he and his wife Patricia bought the property earlier this month for $15,000 with the intention of demolishing the building and eventually constructing a new office building on the site for his wife’s psychotherapy business. He said he was embarrassed to discover the fines and hoped the city would work with him and his wife to lessen the impact.
“We’re not here to penalize you, but this property’s been a disaster,” Mayor Allen Green said, mentioning that the building has seen a flow of transients that have prompted complaints.
Adams said he requested a lien search by the city after he purchased the property and he received a call at 3 p.m. Tuesday, just before the City Council meeting, telling him the total cost of fines to the property — $717,493.17.
“I was just blown out of the water,” Adams said of the fines that he discovered are now due.

One thought on “Is There a New Distressed Real Estate Scam in Town?

  • August 16, 2015 at 7:59 am
    Permalink

    Isn’t the seller obligated to disclose information about liens and known defects to the buyer. Perhaps mr Adams can get that sale transaction negated for not disclosing that information to him

    Reply

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