I just had a realtor that got mad and told me that flipping in ohio is very much illegal. Does anyone have any info?
Flipping is buying property and reselling it…is buying and selling property illegal in Ohio?
Keith
not that I know of but this realtor works for Sibcy Cline realty in Cincinnati, and she said flipping is quite illegal
Perhaps the Realtor is either confused, ignorant, or not wanting to lose a potential commission…???
Define what you mean as “flipping”…
Keith
I am trying to do a simultaneous closing, but have decided to assign the contract instead, after she said it was considered flipping, and illegal
Some Title Companies/attorneys won’t do simultaneous closings…and LOTS of Realtors will tell you that you can’t assign a contract but that is incorrect also.
Keith
I don’t like to use the word flipping because so many people associate that term with all the crooks in the business. Simo closings and assignment of contracts are very legal. Many realtors do not understand RE investing. As for the the Title Co., I would say it’s time to find a new Title Company to do business with. Let me know if you need any help choosing a Title Company.
Purest definition of flipping: as kdhastedt mentioned, it is simply buying and selling property, and usually refers to this act when done in a short window of time.
The often maligned definition of flipping: when you buy and sell a property quickly where you or your associates profit from equity fraudulently created from purposeful and deceitful acts (such as getting your cousin Cooter to do an inflated appraisal).
So, if perpetrating fraud is illegal in your state, AND if you subscribe to this definition of flipping, then yes, flipping is illegal 8).
The media usually subscribes to the latter definition, therefore the ignorant and unsuspecting public (the public includes realtors, investors, consumers, etc.) believes flipping is illegal.
Committing fraud to pad the profit on a flip is most certainly illegal and I hope they burn in Hell (at least it’s a dry heat!) for it…
Keith
Keith, You are right. I hope realtors get educated on real estate laws and based it on facts an not their opinion. Realtor sell houses. Loan officers do loans. Real estate attorney does law. Everyone need to stay in thier field of expertise and not state things that are not in their fields of expertise.
Hey Keith - Were you referring to Hell as Arizona? LOL I actually think Hell is a moister, sweatier heat like Texas! LOL 8)
There is an article on Vena Jones-Cox’s website that really explains faudulent flipping - and mostly it is done by fraudulent appraisers and loan people in kahoots (like that word) with the rehabber/investor - and is really loan fraud. Flipping houses for profit is not illegal anywhere.
I heard a comedian say not to worry, it’s a dry heat so it must be so…
If it’s " Hell is a moister, sweatier heat", then it must be Louisiana!
Keith
I am from Louisiana!LOL
Look at your name – of course you are…your name ends witn an “X”…!
LOL!
Keith