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Oh... not news.
They have bus tours for the Chinese in CA for house shopping (I've seen videos on it) even way back 5 plus years ago for US real estate.
Someone I know said... many foreclosed & bank owned homes belong to the big bank's portfolio and "holdings" that in order to keep their stock holders happy (e.g. Chinese loans to the US economy, the people US are indebted to) as some kind of guarantee for that loan. Thus the homes owned by banks are released in tickles, not flooding the market. And they are also bought up for cheap (backroom dealings) by chinese officials / government lawyers / businessman as some favors for that debt.
You know... it does make sense.
Japanese businesses during the economic boom tried to buy up commerce in the 80s, except they expand too fast & too soon.
Chinese is just also trying to buy up America (piece by american pie pieces) but going about it a slightly different way in hopes to succeed where the Japanese failed.
They buy our politics & economy too... houses are but chicken feed.
Location: When you take flak it means you are on target
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They are getting taken for a ride. I've heard people are buying the trash properties in Detroit for a couple of hundred bucks and reselling them overseas for $25,000 to idiots who have no idea what they are getting into.
Investing in rental real estate as opposed to buying a residence is two different things.
Just a cautionary note not to confuse this with a scam that is also going around.
We are selling our house and our realtor received an email purporting to offer full price for our house from a man in Indonesia, who said he'd send a check for 98% of the price to be held in our lawyer's trust account, with the balance to be paid at closing. A copy of his passport was attached. When we researched this, we found the information referenced originally in this thread, but we also found this (for some reason, City-Data is replacing a word that is pretty much synonymous with "liar" or "swindler" with ******** below):
Real estate bad cheque fraud
In this type of scam the ********* pretends interest in a property and sends a certified cheque or bank draft as a deposit or full payment that will be deposited in the lawyer’s trust account. Soon after, some reason will be given for backing out of the deal and the ********* will ask for the deposit or payment back, minus whatever legal fees and penalties the lawyer holds back. Of course, the original cheque was fraudulent, so any amount the lawyer sends to the ********* will cause a shortfall in the trust account.
Here are the names we’ve seen attached to this kind of fraud. The date in bracket is the most recent report we’ve seen indicating this fraud is still active
This is from "AvoidAClaim" Blog | Real estate bad cheque fraud
We are already under contract, so our realtor responded to the offeror, attaching a contract to be signed by him, and saying that he was welcome to present a back-up offer, but that if we proceeded with him, any money would need to be wired, not paid by check. We don't expect to hear back from him.
Note, though, that this proposal incorporates a residency visa only, not a working visa. If the property is sold the residency visa becomes null and void.
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