Online real estate advertising warning
March 2006
It seems as if some buyers have had a bad experience using online real estate advertising according to the New York Times
As a result of the real estate boom more people are using online services such as eBay and bid4assets.com and, the recently sold, realestatesupermarket.com. The problem arises when eager buyers rely on the details in the advertisement and make a purchase without even having seen the property.
Such keen and trusting buyers are a boon for real estate investors who are "flipping" real estate. This process involves buying and then selling a property at a much higher price very quickly, a process made easier by online services that accept real estate advertising. The speculators are buying run-down houses, often in economically distressed areas, then advertising them with an unrealistic description and a big markup.
Areas most affected include cities in New York, Ohio, Michigan and Pennsylvania. Buffalo was identified as being particularly affected.
Technorati tags: real estate advertising | Real Estate | housing bubble | advertising
