House Flipper Goes Bankrupt Doing God's Work
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House Flipper Goes Bankrupt Doing God's Work

By Feux Follets following x   2017 Oct 30, 4:03pm 251 views   2 comments   watch   sfw   quote     share    

Indianapolis home flipper, Chart Properties, LLC, has filed for bankruptcy, leaving more than 120 people who signed contracts to buy and sell homes across Central Indiana in a legal and financial quagmire that could take months to sort out.

The initial bankruptcy petition filed Oct. 17 in U.S. District Court for the Southern District of Indiana contains few specifics about Chart’s finances, but one thing is clear: The company has no assets to repay clients and a slew of other creditors.

The bankruptcy filing throws the ownership of scores of homes across Central Indiana into question. That’s because Chart didn’t actually own the homes it sold to new buyers; it only had contracts to purchase those properties.

Now, Chart is basically defaulting on its agreement to buy those houses. The problem is, they've already been resold. New families are living in them.

Legal experts told IndyStar those families who bought homes from Chart could ultimately find themselves out on the street, the cash they put down and their monthly payments to Chart lost.

The bankruptcy also means it's likely the people who sold to Chart will once again be saddled with homes they cannot afford or don't want — homes they thought they had sold as they awaited a payoff from Chart.

IndyStar was unable to reach Chart President Robert Keck and co-founder Grady "Brian" Rogers, who joined Chart last year when he was released from prison after serving a 13-year sentence for convictions on 22 counts of securities violations.

Keck told IndyStar in June the business was a Christian-based answer for Hoosiers unable to achieve the dream of home ownership the traditional way.

The evangelical real estate firm, where workdays often began with employees sharing devotionals, also positioned itself as a fast and easy way out for owners unable to sell their homes or struggling with mortgages they couldn’t afford.

Those services were widely pitched at churches, on religious radio and TV stations and via the Internet. Keck said in an interview in June that the company’s overtly Christian bent reflected the faith he shares with co-founder Rogers. It also provided a strong hook that appealed to many sellers and buyers, most of whom were struggling financially.

Keck was open and unapologetic in the June interview about Chart's focus on the financially distressed. "I will not be ashamed," Keck said in June, "to stand before Christ (on Judgment Day) and say that 'I did Chart for you.'"

#RealEstate #HouseFlipping #DoingGodsWork

In other real estate news: Homes are sitting on the market for the shortest time in 30 years, according to an annual report on homebuyers and sellers published today by the National Association of Realtors.

The typical home spent just three weeks on the market, according to the report, which focused on about 8,000 homebuyers who purchased their home in the year ending in June. That was down from four weeks in the year ending June 2016 and 11 weeks in 2012, when the U.S. housing market was still reeling from the foreclosure crisis. It was the shortest time since the NAR report began including data on how long homes spend on the market, in 1987.

1   justme   ignore (0)   2017 Oct 30, 4:08pm   ↑ like (1)   ↓ dislike (0)     quote      

The bubble is about to burst.
2   NuttBoxer   ignore (2)   2017 Oct 31, 10:43am   ↑ like (0)   ↓ dislike (0)     quote      

A scam worthy of the Duke and the King! Creflo Dollar announced he is re-locating to Indiana.

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