REI Holding Basically False advertising in the sale of a tax deed. Salt Lake City Utah
I attended a syminar where this company, REI Holding, was marketing a program where investors could buy liens from Counties on properties that were subject to sale due to deliquent taxes.To find out where these liens were you had to join there buyers club , and the fee for joining was $1,500. This list of liens that they would provide where suppossed to be thoughly vented by their staff so that an investor would not by a lien on a site with toxic waste. This has always been a concern about buying tax liens. Based on this assumption I purchased a lien on a duplex in Cleveland Ohio. Shortly before I was scheduled to foreclose and take possession of this property it was condemened and razed. When I adviced REI of this the solution was for me to Fly to Cleveland and try to sell the lot to a neighbor, or apply for a zoning varance to build a new structure . I was advised by a Cleveland Realtor that this lot was about one half the size needed to built on, and in his opinion the lot had little or no value.
When I asked REI if they would give me a discount on another lien to help me recover some of my loss. There response is that we don't give discounts. Basically you are SOL.
They did offer to sell me a taz deed on a boarded up house in Conn. The comment was that if you tix it up at could have "real Value". The only problem is that this property is only three housand miles from my home.
I guess the bottom line to this story is to advise others to be careful in buying tax deeds, especially from REI