'Flipping' Property Bad News
REM #F642
By Ilyce R. Glink
Summary: A reader wonders about the term 'flipping' when referring to real estate deals. Ilyce states to find a new term when referring to buying and selling property.
Q:I run a title company. Do you think it wise to use the term 'flipping' with
all the bad press that term has been given lately?
It seems to be the word that the Department of Housing and Urban Development
(HUD), the FBI and other regulators are using.
A: While the art of buying low and selling higher is legal, the practice of
“flipping” property as defined by regulators – that is, buying
a property at below market value, making modest improvements, and falsifying
documents to make it seem that it is worth much more than it really is –
is suspect.
If I were you, I’d try to find another word that gets the same meaning
across.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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