Updated over 6 years ago on . Most recent reply
Is this private money loan legit?
I've been asked to pay $1,365.00 for Appraisal fee, loan origination and processing fees before loan can be sent to underwriting. It's a 6 month fix and flip loan at 8.65% plus 3 points in and 2 out. It's my first deal,I know I'll pay more now then this time next year, but I wanted to ask experienced investors if this sounds common before I send that check tomorrow.
What makes me Leary is, it has to be sent as a ACH or a money transfer, they won't take a c/c.... Am I just worried for nothing?
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- Real Estate Consultant
- Summerlin, NV
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#1 All Forums Contributor
- Real Estate Consultant
- Summerlin, NV
SCAM SCAM SCAM this is not private money private money are people you know.. not a company or someone off the internet.. No fee's paid in advance.. other than appraisal. Is industry norm.
this is called an advance fee scam.. you send that in then they will keep digging you for more then when they figure out they bleed you .. they then ghost you..
- Jay Hinrichs
- Podcast Guest on Show #222
