ED Magedson – Founder
American Real Estate Advisors950 s, Pine Island Rd Planatation, Florida USA
American Real Estate Advisors Scott Simpson, Doug Wharton Detroit bank owned properties for resale Planatation Florida
American Real Esate Advisors positioned themselves as special investment advisors. Their pitch is that due to government regulations, they could only purchase a percentage of bank owned properties in Detroit for resale. therefore, they would include you in this loophole to purchase minimally damaged homes from banks in Detroit, for $12k or $13k. They would then resell your investment for 18K to 22K, charging you only 20% of the actual profit. They sold me one house and turned it around in 10 business days, after I told them I had investors interested but they needed to see the performance first. then, they told me to go all in after the first sale. I purchased 2 houses for a total of 26K. Later, they said since it was only 2 contracts, they had trouble selling my properties in the 20 to 30 lot sale. (they wanted me to go to at least 5 lots). It's been a year, almost, and since i purchased the properties I was notified of a demolition hearing that was continued Before my purchase! Not only that, I hired a realtor in Detroit to send me pics; the Zillow pics did not match my "condemned" signs everywhere on the properties. Please, if you or someone you know has been involved in this scam, contact me. I have the FBI and Florida State Attorney Genereal stating until there is a small amount of people scammed beside myself, there is limited action they can do. Please contact this site! Thank you.
This report was posted on Ripoff Report on 02/26/2014 08:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/American-Real-Estate-Advisors/Planatation-Florida-33324/American-Real-Estate-Advisors-Scott-Simpson-Doug-Wharton-Detroit-bank-owned-properties-f-1126851. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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