Posted by Gary on January 30, 2001 at 15:22:43:
Ask them what law you are breaking and then go to a competent real estate attorney before entering into any transaction.
Ready to quick flip but… - Posted by Greg
Posted by Greg on January 30, 2001 at 08:02:51:
I’ve been told by numerous real estate agents and the instructors in my cities real estate salesman course that, if I try to flip properties in New York State, I am breaking the law. Is there truth to this? Also i’m looking for the best contracts to get the job done as quick and painlessly as possible. Something that looks like i’m a professional!
Re: Ready to quick flip but… - Posted by JohnBoy
Posted by JohnBoy on January 30, 2001 at 23:09:54:
There is no law against flipping. If there was you wouldn’t be able to buy anything from anywhere! No stores would be in business since everything they sell is being flipped! They buy at wholesale and sell to the public for retail…hence, flipping their merchandise!
This would be no different than buying a house at a lower price and selling it at a higher price.
What is illegal and most people keep getting confused with the term “flipping”, is LENDER FRAUD!
There has been a lot of LENDER FRAUD involved with properties being flipped, but it doesn’t make flipping illegal, it’s the LOAN FRAUD involved in a lot the schemes involving realtors, mortgage brokers, appraisors and investors using phony inflated appraisals to borrow more money against the property than what it’s worth.
Next time someone tells you flipping is illegal, ask them to give you the state statue that states this. They won’t be able to because none exists!