I’ve seen a lot – and I mean a LOT – in my 40+ years in this business we call real estate.
and I’d have bet that you couldn’t find something ‘new’ to surprise me with. I’d have lost that bet yesterday. Because yesterday – I encountered something new. A new entity called a “Business Individual.” WHAT the hell is *that*? Beats me.
This “Business Individual” attempted to buy a $2,000,000 house. For $22.23.
I kid you not.
Seems this latest scam is to have the Business Individual (something he thinks keeps personal liability away from himself – because the Business Individual is akin to a professional corporation?) assign a purchase contract to — wait for it — a Church. A Church which is “owned” by – you guessed it, the Business Individual as its “Senior Pastor.” Then, you see, the purchase agreement is deeded (by the Business Individual) to be some kind of intellectual property – and the transaction some kind of “process” that the Business Individual has “patented” (he even includes the US Patent Office number in his paperwork !) – which he transfers or assigns. The transferred “agreement” is – according to the Business Individual – the same as a transfer of title.
The seller – the people that DIDN’T get the $2,000,000 – don’t worry about them (sayeth the Business Individual). How come? Because the Business Individual is insured! He has a Commercial General Liability policy – which will pay them the $2,000,000. Oh, AND they get the tax write-off of the $1,999,977.77 donation to the Church.
Oh. For. The. Love. Of. God.
Be careful out there.