The courthouse steps. Opportunity ,Illegality or somewhere in-between
With the real estate downturn came the bank seizure of people's homes and investments. On courthouse steps throughout the country realtors and investors assemble on a daily basis to purchase at auction properties offered by various banks. The list of homes for sale are not to be revealed until the day of sale. Buyers are not allowed to inspect nor is immediate possession guaranteed. Homes are bid for and buyers must produce cashiers checks to purchase. There are no loans,inspections or changing of intent once the properties are purchased. This process is not for the weak of heart nor strong of morals. Quite often the buyer must evict the owner from his home. Yes there are deals but at times there are duds. The home can have major problems and at times title can be clouded .most of the tome the buyer purchases a property at reduced price fixes it up and sells it for profit. The competition for buying is expected to be fair and open with no distinct advantage to any individual. Unfortunately some individuals try to gain an advantage in the purchase of these properties. Pay offs are made and certain people control the bidding. At times realtors have collaborated to keep prices down and other buyers out. There have been instances where threats and violence have been used to intimidate the competition. This is the dark under belly of real estate. Recently the FBI raided the courthouse steps in Oakland. Armed with subpoenas they searched realtors offices. In one instance they found millions in cashiers checks and hundreds of thousands in cash. This has become a big business with big corruption. I have been offered many opportunities to purchase these properties. Realtors with an inside track have offered to purchase properties on my behalf for a flat payment.,I declined. I try not to earn my living off of people's misery. There are enough opportunities to earn a good living and profit in real estate without resorting to corruption. I try not to prey on people's misfortune. I have decided to draw a line in the sand . I hope that other people do the same thing.