In the fall of 2007, when the U.S. economy first seemed in peril, I began answering reader queries here on the Business Desk. I still do so occasionally, but this page has expanded to include posts from eminent economists, "far-flung correspondents," and a variety of voices that have intriguing and/or useful things to say about economics, broadly defined. Please feel encouraged to respond to any and all of them.
How an English Investor Dabbled in Cleveland Real Estate...and Got Burned
Video edited by Elizabeth Shell.
As a follow-up to Tuesday's story on abandoned housing demolition in Cleveland, we're posting a short video. A show-and-tell about one vacant property, it covers all the bases - from the bank unloading to a middleman, the middleman putting it up on the Internet with misleading photos, and finally a buyer in England snapping it up and now feeling rooked. Here's what he wrote to us:
"Here is the original eBay listing and photos of the house I was sold by Best Buy Properties.
I believe old photos were used. Note the terms 'Nice duplex', 'Great property', '4 car garage' (it is not there anymore). Taxes - $600. It is actually $898.96!
I have never received a signed transfer form or a deed. I also paid for 2 building lots in Youngstown, Ohio, which they never transferred and never owned. Also see this thread on BBP [Best Buy Properties]."