Coordinated investigation results in ACCC taking action against We Buy Houses and Rick Otton regarding property strategies
Following a coordinated investigation with the New South Wales Fair Trading (NSW Fair Trading), the Australian Competition and Consumer Commission has instituted proceedings in the Federal Court against We Buy Houses Pty Ltd and Rick Otton for alleged contraventions of t
he Australian Consumer Law.
Property spruiker facing legal action over rent-to-own scheme
A property investment scheme that targets low-income home buyers is facing a legal challenge following allegations its operators rorted at least $44,000 from a single parent living on Centrelink benefits.
The case is being closely watched by state and federal regulators, which have been conducting a nationwide investigation into “rent-to-buy” and “vendor finance” property deals following a litany of complaints.
ACCC takes action against We Buy Houses and Rick Otton over ‘rent-to-buy’ scheme
- 2 DAYS AGO MARCH 03, 2015
A ‘RENT-TO-BUY’ property investment promoter who used statements like ‘buy a house for one dollar’ is being taken to court by the consumer watchdog for allegedly breaching Australian Consumer Law.
The Australian Competition and Consumer Commission has instituted proceedings in the Federal Court against We Buy Houses Pty Ltd and Rick Otton over alleged representations made to consumers in marketing materials, at seminars and boot camps.
From Property Observer
ACCC drags Rick Otton to court for his “Buy a house for $1” claims
The consumer watchdog has instituted proceedings in the Federal Court against best-selling property investment author Rick Otton and his business We Buy Houses for alleged breaches of the Australian Consumer Law.
Otton is the author of How to Buy a House for a Dollar, which was rated as one of the Top 10 Most Popular Business Titles for 2013 by Money Magazine and Dymocks.
Well, it seems that the old saying goes ‘Rats are said to be the first to leave a ship that is sinking.’
(desert a sinking ship and leave a sinking ship Fig. to leave a place, a person, or a situation when things become difficult or unpleasant. (Rats are said to be the first to leave a ship that is sinking.)
Well check his Aussie web presence – GONE
He would not adapt his teachings, despite being told for years now, so he has created such a negative environment that no promoter will touch him in Australia. So now he is off to England to screw things up there.
Watch out England.. Rick and Jane have said for years that they would make hay while the sun shines in Australia, then move on to England…
In go direct you may have been told Yes means Yes, Maybe means Yes but there is an issue to fix and No may mean Yes if you can….
Sydney-based Rick Otton and his companies We Buy Houses Pty Ltd and Rick Otton.com Pty Ltd have entered into an enforceable undertaking with the state consumer protection agency to refrain from conducting seminars in WA.
Mr Otton has also agreed to stop promoting his real estate business in WA for two years, and to publish information on his websites about how his promoted scheme operates.
Mr Otton and his companies have not admitted any wrongdoing. Continue reading
Not new but they made it easier to find