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Yes, That Rich

The woman, who lives almost 5,000 miles away, wants to purchase an investment home on Long Island. She called me on the recommendation of her ex-husband’s cousin, a former client. She’ll make arrangements to wire me (someone she’d never met) many hundreds of thousands of dollars along with a Power of Attorney to act for her.

      Has she seen the house in person? No — just photos.

      Does she want to engage the services of a home inspector or engineer before contract? No.

      Will she be coming to view the house post-contract, pre-closing? No.

      Does she have a friend or relative in this area who would check out the house and then attend closing on her behalf? No.

      Does she understand how risky this is? Yes.

So why would she go through with this? Why buy what she hasn’t seen through someone she doesn’t know? “Because it doesn’t matter that much in the scheme of things,” she tells me, sounding quite amused. “I either visit Long Island and stay in my wonderful house on the ocean, or I stay in a lovely hotel by the beach while my money manager nags me about being foolish.”

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