• Report: #1126851

Complaint Review: American Real Estate Advisors

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  • Submitted: Wed, February 26, 2014
  • Updated: Wed, April 23, 2014

  • Reported By: dean — Allentown Pennsylvania
American Real Estate Advisors
950 s, Pine Island Rd Planatation, Florida USA

American Real Estate Advisors Scott Simpson, Doug Wharton Detroit bank owned properties for resale Planatation Florida

*Author of original report: Update to American Real Estate Advisors

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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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REBUTTALS & REPLIES:
1Author 0Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Update to American Real Estate Advisors

AUTHOR: dr_deanz - ()

American Real Estate Advisors scott simpson, doug whorton Detroit bank owned properties for resale Planatation Florida

 

Bank owned Detroit houses scam. They tell you that due to a loophole in Detroit, you can purchase homes from the bank through this company, and then they will resell them for you at a profit. I paid $12,000 for ahome, and within a week they resold it for $18,000, minus commission. However, then they told me to get as many people as possible to buy. I bought two more; $26,000 wired to them on 03/15/2013. Now they are saying I need to buy at least 3 more homes. If this happened to you, please contact the FBI. have the agent contact the Allentown, Pa. field office to coordinate their efforts. The FBI will investigate and prosecute if the amount is over $150,000, collectively. Also, contact the Better Business Bureau and do the same.

 

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