Met this guy lastnight who is trying to get out

Troy, NY · Member since 2017 · 10 posts · 4 votes

I was at work lastnight and this random guy just came up to me and asked if I wanted to buy a house. He has some certain situations where he's trying to get out quick. He wants to sell it for 40k cash and I looked the house up on the market and it was valued at 160k. Are there any investors out there that would help finance this deal and we can split the profits accordingly?

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Brent Coombs

Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes

Pssst... wanna buy a Rolex? It's yours for a hundred bucks. See, it says "Rolex" right there on on the front...

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David Lichtenstadter
Rental Property Investor · Northern NJ · Member since 2016 · 341 posts · 144 votes
8y
Monty Shirley where is the property located??
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Monty Shirley
OP
Troy, NY · Member since 2017 · 10 posts · 4 votes
8y
@David Lichtenstadter it's in Corinth Ny right outside of Saratoga
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Christine Kankowski
Real Estate Broker · Temecula, CA · Member since 2014 · 992 posts · 782 votes
8y
Something is super fishy. IF it's worth $160K and he's going to strangers asking for $40K, that makes no sense. If he posted on the MLS for $110K, he'd had 20 offers in a day.
Changes are it's not worth what he says, but do your due diligence...
Make sure you can get in there, get a full inspection with utilities on, make sure this guys has title to the house. etc
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David Lichtenstadter
Rental Property Investor · Northern NJ · Member since 2016 · 341 posts · 144 votes
8y
Monty Shirley please PM me I’d like to know more information about it. Thanks, David
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Steve B.
Rental Property Investor · Arlington, VA · Member since 2014 · 111 posts · 35 votes
8y
Monty Shirley Something smells fishy. I would definitely ask for title and make sure he has the legal right to sell the property. What makes you think it’s worth $160k, have you seen the property yet?
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Tom GimerBusiness Member
DMV · Member since 2017 · 3k+ posts · 3k+ votes
8y
Originally posted by @Monty Shirley:

I was at work lastnight and this random guy just came up to me and asked if I wanted to buy a house. He has some certain situations where he's trying to get out quick. He wants to sell it for 40k cash and I looked the house up on the market and it was valued at 160k. Are there any investors out there that would help finance this deal and we can split the profits accordingly?
Don't buy from random guys who come up to you offering real estate at 25% value.
And don't ask us to partner with you, please.
He either no longer owns the property; never owned the property; or owns the property, but it's not worth even close to $160k.
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Brent Coombs
Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
8y
Pssst... wanna buy a Rolex? It's yours for a hundred bucks. See, it says "Rolex" right there on on the front...
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Isaac El
Springfield Gardens, NY · Member since 2017 · 258 posts · 63 votes
8y
@Tom Gimer - reading this post and yea sounds SUPER FISHY, some random guy coming up and offering a house like that, I heard before locally (some local people that are way more experienced and I told them I am getting into real estate - told me to watch out for that) for example what I heard is, lets say the house is under the name "John Smith" - they will go find somebody who is really "John Smith" or the person comes with fake id but kind of matches the age.... and selling the house at a little more believable price like 70% - but it sounded fishy so when they looked more into it they found out it was fraud called the police at closing (they showed up did nothing) the person just ran out of the room, and I have heard that locally there are scams like that to watch out for!
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Isaac El
Springfield Gardens, NY · Member since 2017 · 258 posts · 63 votes
8y
@Brent Coombs -
Thats funny, reminds me of when I was in college and you would go to south street seaport and there were people doing that all over the place!!! Kind of easy to know its fake like you said somebody offering it for $100, but what happens when selling you the $100 watch for 80% of the real value (and not some random guy in the middle of the street in a suitcase, a watch store that sells new/used watches) and its a little harder to avoid getting screwed because it looks to be a lot more legit?? Again I am new to all of this, but I guess thats what title and title insurance is for? To protect you in those situations?
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Brent Coombs
Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
8y
Originally posted by @Isaac El:

@Brent Coombs -
Thats funny, reminds me of when I was in college and you would go to south street seaport and there were people doing that all over the place!!! Kind of easy to know its fake like you said somebody offering it for $100, but what happens when selling you the $100 watch for 80% of the real value (and not some random guy in the middle of the street in a suitcase, a watch store that sells new/used watches) and its a little harder to avoid getting screwed because it looks to be a lot more legit?? Again I am new to all of this, but I guess thats what title and title insurance is for? To protect you in those situations?
Exactly.
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Tom GimerBusiness Member
DMV · Member since 2017 · 3k+ posts · 3k+ votes
8y
Originally posted by @Brent Coombs:

Originally posted by @Isaac El:
@Brent Coombs -
Thats funny, reminds me of when I was in college and you would go to south street seaport and there were people doing that all over the place!!! Kind of easy to know its fake like you said somebody offering it for $100, but what happens when selling you the $100 watch for 80% of the real value (and not some random guy in the middle of the street in a suitcase, a watch store that sells new/used watches) and its a little harder to avoid getting screwed because it looks to be a lot more legit?? Again I am new to all of this, but I guess thats what title and title insurance is for? To protect you in those situations?
Exactly.
Technically, yes. If there was forgery or fraud, an owners policy would respond. (That's why 95% of buyers buy owners coverage and 100% of first lien lenders require lenders coverage.)
One of the roles of the title company is to weed this type of thing out. Anything odd and the red flags fly.
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Linda S.
Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
8y
@Monty Shirley,
Check the assessment, and make sure he's actually the owner. Sounds fishy, but it might just be a total rehab... If he knows it's worth $160K, why would he get rid of it for $40K? I'm guessing there is $100K+ in work needed.
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