One Underwater Homeowner's Experience With A Short Sale Flipping Operator

In Seneca, South Carolina, the Sarasota Herald Tribune reports:

• DAN EGGER MAY HAVE LOST HIS job and is now underwater on his $500,000 mortgage, but the 41-year-old former telecommunications salesman is not desperate. A resident of Seneca, a small city in the northwest corner of South Carolina, Egger said he was approached by a real estate investment firm earlier this month that wanted to flip his house. [...] At first, the deal looked good to Egger. But he began to dig into the details and ultimately decided to pass.

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• All across America, people like Egger are being approached by investors looking to make a profit by buying properties inexpensively from banks through short sales and reselling them to end buyers at a profit. In some cases -- where investors lie to banks about what properties are worth -- the deals can be considered fraudulent, and Fannie Mae and the FBI have sent out warnings about unscrupulous operators.

• What bothered Egger most was that the companies he was dealing with were a hodgepodge of entities in a slew of states.(1)

For more, see One man's time with the real estate flippers (Dan Egger was approached by real estate investors trying to convince him to let them flip his house in Seneca, S.C. To their surprise, he declined their offer after he found he was dealing with a hodgepodge of entities in several states).

(1) Go here for the string of e-mails that were sent back and forth between South Carolina underwater homeowner Dan Egger and Dennis Funk, a sales representative who was trying to convince Egger to sell his house to the flipping operator he was representing through a short sale.

Go here for the Short Sale Package (28 pages) homeowner Dan Egger was presented with by the short sale flipping operator and declined to enter into.