Sean Robbins, 36, is the king of the Portland area. He owns Vantage Homes, a California-based company that has bought and sold hundreds of Oregon homes. since the last real estate market crash. After Davee was prosecuted, a Vantage employee summoned him with a proposal: Robbins’ company would pay him up to $ 2,500 to sign a few papers before the court manager’s auction.
What Robbins wanted: something called “redemption rights.
Davee, 76, says he has never heard of the rights to release. And Sean Robbins did not know that those rights, granted by Oregon law, would allow him to “buy” or repurchase his home within 180 days of being sold at auction – by paying any price at the auction house, plus interest.
Given that Davee could not even afford to pay the mortgage, there is no chance that that would happen. Vantage Homes gave him $ 300 for his redemptive rights plus another $ 2,200 if Vantage bought the house at auction.
Davee signed the contract on July 1, 2016. Eleven months later, the Portland Real Estate Investor Sean Robbins Company bought the auction at Davee’s house, paying $ 183,200. With Davee’s redemption rights for only $ 300, Robbins managed a home that cost at least 600 times that amount for a year, preventing anyone else from buying it. Many real estate developers prefer to specialize in real estate projects. You can choose to specialize in residential projects or you can work extensively in supermarkets or commercial buildings.
All you should know about Sean Robbins Portland
As for Davee, he became the victim of an unknown practice outside a group of real estate investors. It is completely legal and important for Portland Real to regulate the supply of expropriated housing, which has declined as the housing and housing market is booming.
Auctions for sale have recently become the largest source of single-family homes in the Portland tropical housing market and in some years, outnumbering new homes.
Unreported, however, weak trade in redemption rights, the market has exploded as the number of exports has declined. For Robbins and other flippers, restitution rights are a way to control a valuable asset. Recent transactions in Multnomah County have gone from $ 20,000 to as little as $ 200 and the latest figures are very common. Critics say that the restitution market will almost certainly never achieve the desired result; it allows homeowners who have lost their last chance to return their properties. Instead, they call it a legal fortress that benefits fishermen not anyone else. Auctions for sale have recently become the largest source of single-family homes in the Portland tropical housing market and in some years, outnumbering new homes.
WW spent weeks exploring real estate records stacks and talking to people on all sides of the rescue rights in the Portland area. We have found a market full of deception, draw habits, and unwanted surprises. “There is nothing socially beneficial in the trade of redemption rights,” said Ian Shearer, a Portland consumer lawyer. “There is an inequality of information between buyer and seller. It’s like going to the garage and buying a Monet for a dollar.