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