Sadly, there are unscrupulous individuals and corporations whose purpose is to take advantage of other people’s misfortune. They tell everyone that they’re only trying to support the homeowner, that in order to pacify their conscience, they might have persuaded themselves of this. The reality is, in this down economy, scammers and rip off artists are proliferating in the real estate field. Click next to know more.
Use the details below to track people who want to buy your home. PROTECT YOURSELF.
While some may tell you they’re buying homes, they’re not going to buy them in the conventional way because they can’t. They do not have the money to purchase and are not eligible for a mortgage in advance. To gain possession of your property or purchase it in a non-traditional “creative” way, they must use some scheme. A few examples of these “creative”, non-traditional approaches are leasing, taking over fees, land leases, options, buying “subject-to”, taking the deed, giving you some money now and more money after they resell the property. Even more are there.
Usually, if you ask them to provide evidence of funding or a pre-approval letter from a bank, they will not be able to offer an alternative, such as — other investors would provide the funding.
Many “investors” are not officially qualified and are inexperienced, receiving much, if not all, of their “training” from gurus in commercial real estate, get-rich-in-real-estate seminars and books. Via their ‘cookie-cutter’ websites, you will also recognise these people.
You can see a red flag if someone says they’re going to buy your house without any equity and pay the full retail price for it.
Someone may suggest stopping a foreclosure (and maybe let you continue to live in the house).
This will usually be achieved by:
To ask you to sign the house for them, to place their name on the deed.
Give you a small amount of cash up front & “purchase” your house & lease it back to you.
Leasing your house and making the monthly payments “promising” then selling your house in two years and promising then to give you the benefit.
Encouraging you to file bankruptcy; or using some other non-traditional “creative” strategy.