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35 Homes for $280,000

Posted by: Chris Palmeri on February 9, 2009

I can’t vouch for the seller, condition of the homes, if this is a good deal or if its a scam. But it certainly is a sign of the times.

35 Single Family Homes in Midwest / South East for $280K
35 homes, mostly SFHs
All Quitclaim deeds / AS-IS
No tax prorations
States: AL, AR, GA, IL, IN, KY, MI, MN, MO, OH, SC, TN, TX, WI, WV
Bank provided BPO is $684,500.00
Purchase price is $280,645.00 (41% of BPO) NET
Please note the following below:

We work only with qualified buyers that are ready, willing, and able to complete purchases in a timely manner.
For principle buyers or direct to principle buyer only.
Supporting documentation, such as a letter of representation, fee agreement, or other, must be included for direct to principle buyer representatives.
Proof of funds (POFs) MUST be included with application. Please black out bank account numbers. We are looking only to see funds in a liquid account and the account holders contact information, so we may verify.
POFs may be either submitted by replying to this email with an attachment or by faxing to (586) 795-9037.
Once POFs are sent, we will email you the full tape with addresses.
Incomplete submissions will be discarded.
Good luck with your bid!

Joseph Zetouna
(248) 506-4433 Direct Line
(586) 795-9037 Direct Fax

Reader Comments

Blair Halver

February 10, 2009 5:41 PM

Anybody that's actively buying houses right now will know that this is most likely not a scam. There are deals o' plenty right now. I have several in the Greensboro, NC area that I'd be willing to wholesale to other investors. - Cashflowing Investment properties for $.35 on the dollar. No hype. Just deals.


February 11, 2009 4:25 PM

Oh my, Quitclaim deeds, this has got to be a scam. Quitclaim deeds convey virtually nothing and no title company would ever insure buying a property with a quitclaim being the sole deed.

David Hagler

February 23, 2009 8:43 PM

Certainly a sign of the times. I am also a little concerned about a simple Quit Claim Deed. In addition, I don't like bidding on homes, thats why I BUY them and SELL them to investors all over the U.S. and branching out to investors world wide.

Atlanta Ga has some of the hotest deals in the country with HUGE upside potential.


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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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