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Resource ID: #17783
Subject: Housing
Source: Pitch Weekly (Kansas City
Affiliation: 
Date: January 18-24

Description

Pitch Weekly investigates the hidden scams landlords place on tenants when they offer contract for deeds on rental properties. The philosophy of the landlord- "buy low, rent as high as possible, don't spend a dime on repairs, then bail out before the place falls down." In 1995, the government signed into law a rental-licensing program. "It requires landlords to register properties, pay a modest fee and most important- submit rentals to annual inspections. . . But the landlords figured out a way around it. They started 'selling' their properties on contract for deed-sort of a homemade mortgage program in which the owner, not a commercial lender, accepts payment for the property over a drawn-out period." Pitch Weekly reports how often buyers get the raw-end of the deal.

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