Taking advantage of an elderly person - Posted by Levi
Posted by Levi on March 22, 2006 at 12:23:08:
I was accused of taking advantage of an elderly person. An 80 yr old woman called me about a note she wants to sell. The principal balance is $50,000, she is hoping to get about $45,000. I told her I’d see what I could do, but told her the value would likely be closer to $35,000. I called around and got some quotes from buyers for around $45,000.
A note buyer/broker told me it is unethical to offer her $35,000 and then sell it for $45,000. I’d say its equivalent to “taking advantage” of a seller in pre-forclosure, out of state owner, tired landlord, etc.
I’d say this woman is sharper than 90% of people half her age.