I spoke with an RE attorney yesterday in regards to double closing and was told that I can get sued for fraud if I were to purchase a bank owned/short sale at a discounted price from the bank and resell to another individual/investor at a higher amount. He sauys this is becuase in the contract it indicates that I attest that the purchase price accepted is the best possible price(FMV).????? This doesn't sound right? Isnt America based on trading???? Everyone even banks purchase low and sell higher??? Why is it that RE Investors are trying to be restricted. Please help. Is this accurate information??
I spoke with an RE attorney yesterday in regards to double closing and was told that I can get sued for fraud if I were to purchase a bank owned/short sale at a discounted price from the bank and resell to another individual/investor at a higher amount. He sauys this is becuase in the contract it indicates that I attest that the purchase price accepted is the best possible price(FMV).????? This doesn't sound right? Isnt America based on trading???? Everyone even banks purchase low and sell higher??? Why is it that RE Investors are trying to be restricted. Please help. Is this accurate information??
Esmirna Maloon