How an English Investor Dabbled in Cleveland Real Estate...and Got Burned

MAKING SEN$E -- July 7, 2011 at 11:14 AM EDT

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]."

We tried to reach Best Buy Properties for their response but they no longer have a website and there's no contact information listed for them. The Better Business Bureau rates them an "F".

Watch the full version of Frank Ford's video of the abandoned property below.

This entry is cross-posted on the Making Sen$e page, where correspondent Paul Solman answers your economic and business questions. Follow Paul on Twitter.

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