Here’s a Vancouver story if ever we saw one: A Flipper is suing a buyer who lost half a million dollars selling their condo at a loss.
The industry insider who tipped us off feels that this will end up being a nightmare situation for both Collins and Schomaker.
“When the buyer finds out that the property is now in the middle of a lawsuit, they will walk away and the sale will fall through,” they told ThinkPol. “Prices in West Vancouver keep falling, and seller will be lucky to even get $2 million in 2018. I expect both the flipper and the eventual buyer to lose a lot of money.”
The insider blamed the real estate industry’s unethical practices for putting many working Canadians into a tough financial situations.
“The sad part for me is ordinary Canadians are falling prey to number manipulation by the industry trying to keep up the perception real estate prices can only go up,” the whistleblower said. “The amount of deception, corruption and outright fraud in the industry is appalling and there is so much secrecy around the process of purchase and sale that the public is kept in the dark on just about every aspect of it.”
Read the full sordid tale over at ThinkPol.
