Exposing Widespread Real Estate Scam | Anjeanette Damon & Byard Duncan | TMR

Sam hosts Anjeanette Damon, government accountability reporter in ProPublica‘s Southwest Office, and Byard Duncan, engagement reporter also at ProPublica, to discuss their recent piece entitled “The Ugly Truth Behind “We Buy Ugly Houses”.

Anjeanette Damon and Byard Duncan then join as they dive right into “We Buy Houses” and the franchises of the house wholesale industry, with individuals buying into the branding and advertising system that the national company offers to jumpstart their legitimacy, before looking to their practice of targeting homeowners that simultaneously find themselves in an insecure situation while also maintaining a higher home equity rate, allowing these seemingly “legitimate” (though largely unlicensed and unregulated) brokers to frame the sale around their debts and expenses rather than the actual worth of the house. Stepping back, Damon and Duncan explore the lack of regulation and licensing requirements in the cash-focused house wholesaler industry, as well as the actual practice of wholesaling, before wrapping up by tackling the massive information asymmetry on housing data and how the housing flipping industry aims to keep it that way.

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