No refund policy on deposit

[Marci Stein]

went to see a home from  an investment rei company on C.L. 

dealing with foreclosures only. web site looks authentic enough, listing many homes sold  and some current ones for sale. Site states said if i make an offer, must put 10% down, no refund-- that would be $5,000. They do not use a lawyer to close. 

has anyone ever heard of this way to work? homes are very cheap thru them , but cant  decide if i am getting a good deal, or ripped off. if i dont like the inspection. there is no refund . what would you do? Thanks!

[Mary B.]

Originally posted by @Marci Stein:

went to see a home from  an investment rei company on C.L. 

dealing with foreclosures only. web site looks authentic enough, listing many homes sold  and some current ones for sale. Site states said if i make an offer, must put 10% down, no refund-- that would be $5,000. They do not use a lawyer to close. 

has anyone ever heard of this way to work? homes are very cheap thru them , but cant  decide if i am getting a good deal, or ripped off. if i dont like the inspection. there is no refund . what would you do? Thanks!

I would say no thank you and keep it moving. Doesn't matter who they use to close. You can use a lawyer to represent you if you choose. Don't be desperate to purchase to where you lose your shirt or worse. My coin. 

Kudos,

Mary