In the boom time it was all about flipping. Here in the UK, the term tended to focus on the off-plan purchase of new-builds, sold on – sometimes before completion – at a profit. In America, ‘flipping’ meant any speedy purchase, renovation and profitable sale. While we were watching Property Ladder, the Americans were watching either Flip This House on the Arts and Entertainment network, or Flip That House on the Discovery Home Channel. The market’s entirely different now, but there’s still room for profit by replacing the inflated sale price with a deflated purchase price. Meet the latest way to make a fast buck on the US property market… and, yes, they call it ‘flopping’.
Our publisher tackles a new wave of US mortgage fraud, in his guest column for Citywire.
Technorati Tags: mortgages, property, real estate
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