A fool and his money …

From the NYtimes.

For the last few years, real estate transactions over the Internet — where buyers need never set eyes on the property they purchase — have become increasingly common.

Richard W. Hayman, president of Bid4Assets in Silver Spring, Md., agreed with Mr. Durzy that buyers needed to be cautious. “Some of this actually amazes me,” he said. “People seem to think ‘caveat emptor‘ doesn’t apply when you’re sitting at your computer.”

The value of looking somebody in the eye and shaking his or her hand should not be underestimated. Repeat with me: “houses are not stocks. houses are not stocks.” Several times I have helped clients purchase properties without visiting, but I have ensured that they understand the inherent risks as well as that they have viewed the websites I have created for them with dozens of pictures.

Via slashdot.

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