Posted by Bill K. (AZ) on March 31, 2000 at 22:31:01:
I have no doubt that this is happening in Baltimore, and that it has repercussions for all of us. I’ve seen the lender’s distrust in some of my flips here in Phoenix.
I’m a firm believer that every business has it’s group of scammers. However, I’m also a firm believer that scams work because the people duped WANT to believe that it works the way the scammers advertise. These same people also want to believe that they have a good chance of winning millions in the lottery simply because they don’t understand “odds”. You can explain it to them six ways from Sunday, and they won’t understand because they don’t want to understand it. Are they victims of the lottery? Sure. But, only because they WANT to be.
So, while I’m not excusing the scammers, they are most certainly primarily at fault, blame runs right down the line up to, and including, the buyers.
I know that these folks aren’t necessarily sophisticated. However, even the most basic “due diligence” doesn’t require one to be very educated. Of course, this assumes that the buyer WANTS to learn about what is probably the largest purchase in their lives. It’s that assumption which is causing me the consternation on this issue. Nonetheless, if they don’t even try to learn the most basic things about purchasing a home, shame on them too!
Bill K. (AZ)