I came across this article today, which basically says that the recent real estate boom has caused unethical people to gather money from unsuspecting buyers (mainly novice real estate investors). Usually, the seller will post a listing on a reputable site, like eBay, but give false information. The buyer thinks they are getting a bargain, but, in fact, are getting taken to the cleaners instead.
While I feel bad for these people who have been taken advantage of, the first rule in this business is to do your due dilignence! Evidentally, these people saw dollar signs and forgot to check if the listings were even real.
What really gets me is that these people would put down large amounts of money for something they (or someone they can trust) have not even laid their eyes on. Dumb - very dumb.
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