House flippers have now surpassed lawyers as the most unscrupulous and detrimental element of our society. Here's an article that illustrates the greed of these people and how they prey on the more vulnerable of our society. Through this process, they continue to push up the cost of living for everyone and make it more difficult to afford a home these days.
This house flipper found an unfortunate widow living in a nursing home to take advantage of. According to the article, Spickes herself states the elderly lady could sell her home herself for $130,000. Spickes, however, exagerates the closing costs and fees to the poor woman and tells the home owner she would be better off selling it to her at a grand price of $95,000. According to my math, if the widow sold the home for $130,000, I would estimate closing cost in the range of $10,000 ( 6% for buyer's and seller' agents and maybe another $2,200 in other fees ). This would allow the woman to walk away with $120,000. Instead, the house flipper goes to work on the lady in her weakened state and convinces the poor victim that $95,000 is a great deal for both parties. That leaves a total of $25,000 out of the elderly woman's purse that represents a very significant portion of her overall portfolio that should be available to her for her critical needs as a widow.
Fortunately, our economy has a way of correcting itself and karma has a real nice way of repaying people who take advantage of the poor and elderly. And believe me, I know how much bad karma this house flipper has brought into the world - she is my ex-wife. I'll just leave it at that.
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