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  • Property-a-holics

    Sale & Rent Back swindler crashes & burns

    There has been a new legal judgment against a Sale and Rent Back (SARB) swindler where they have lost possession of the property and the vulnerable couple who were cheated out of their equity have been allowed to remain in the property for the rest of their life-time.

    READ THE FULL JUDGMENT 

    Unfortunately, to this day, vulnerable people continue to be cheated out of their equity via various "schemes" perpetrated by some within the wealth creation industry.  It is very sad when vulnerable people in a stressful situation are exploited for financial gain.

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    Good. I often research auction properties to try and work out why they are not being sold conventionally and sometimes it's because they are on a historic sale and rent back arrangement. You have to read the legals very carefully to find this out. Viewing is usually not possible in these cases, which provides a clue.
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    I am always suspicious of a property where viewings aren't allowed. There's always a reason for it, and it's usually one that the seller knows about already, but the buyer will soon find out!

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    Bankcruptcy or court order possession are reasons for not being able to view that may be ok. The owner may be refusing to hand over the keys. But it's still important to check the documents carefully and view from the outside as there may still be something else afoot.

    I saw one last year that was a repossession but also had a large japanese knotweed plant by the back door.
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