Need Insight and Advice on this kind of Offer..is it a Scam

10 Replies

I am trying to sell a house. I am open to creative financing. I have come across this offer. It seems like some "guru" has preached this in a webinar as I have received same offer from different people.

I would like to hear from fellow investors and experts what to make of it. The pitfalls, what to look out for, and the positives. Thanks:

"Here is a overview

We make it easy to Sell Your House to us. We have a unique Seller Financing approach when we are buying houses. The Transaction is fast and easy.

Key point:

10 percentage Down (on paper)

Seller Financed only for 2 months

Seller hold 1st

1st position is 90% LTV

We assist in the Seller Selling the notes after 2 months of successful payments for 60-90 percentage of balance

Partial note sale can be arranged at a smaller discount

Receive your asking price in cash within 3 months"

I'd tell them this.  "For 10% option consideration, yes, I will give you a 60-day exclusive option to buy my property, cashing me out entirely."  

Do not transfer ownership to anyone in a shady deal like this.  Maybe they just went to the seminar and you can get 10% for a 60-day option.  That would be sweet @SHAW ALI !

Originally posted by @SHAW ALI :

I am trying to sell a house. I am open to creative financing. I have come across this offer. It seems like some "guru" has preached this in a webinar as I have received same offer from different people.

I would like to hear from fellow investors and experts what to make of it. The pitfalls, what to look out for, and the positives. Thanks:

"Here is a overview

We make it easy to Sell Your House to us. We have a unique Seller Financing approach when we are buying houses. The Transaction is fast and easy.

Key point:

10 percentage Down (on paper)

Seller Financed only for 2 months

Seller hold 1st

1st position is 90% LTV

We assist in the Seller Selling the notes after 2 months of successful payments for 60-90 percentage of balance

Partial note sale can be arranged at a smaller discount

Receive your asking price in cash within 3 months"

Using the numbers you posted: NO Absolutely Not!

Is Corona CA so dead that you would consider selling for 64% of your asking price? 

I'm familiar with Corona and I know it's not.

10% Down and then in 60 days they help you sell your first position for 60% of balance

10% + ( .60 x 90%)= 64%

HI Ali, what are you selling I have a legitimate creative buyer 

Absolutely NOT.  Whoever is offering this has no money and no credit. They will find some "buyer" with 10% cash, and no credit.  You have no idea what kind of discount you'll have to eat, and they now have title to your house.

Creating a note and selling them for a part of it or all of it has been around a long time

Study simultaneous financing with notes

@Marc Faulkner

@SHAW ALI

  along with it would take a VERY unseasoned or un educated Note investor to offer you anything reasonable for this note..  chance of default from buyer is very high in these scenerios

Smells like it , so it must be .

Quack!

Originally posted by @Jay Hinrichs :

@SHAW ALI

  along with it would take a VERY unseasoned or un educated Note investor to offer you anything reasonable for this note..  chance of default from buyer is very high in these scenerios

A 6% real estate commission is quite the bargain!

Thanks for the posts

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