We will Buy Your Home....

[American Patriot]

Side question on the mortgage thing with all the foreclosures going on....

I've been seeing signs that say things like, "We buy ugly houses" and getting crap in the USPS mail from places offering to "Buy your home for top dollar".

Don't know jack about them but was doing some research this weekend on one place. The guy sends out a post card that basically says "If you're looking to buy a home, we can help you finance privately, not going through traditional methods" with low interest rates (we're talking rates on the order of 3.x - 7.x % )...

Anyway, if you want to SELL YOUR home, they will make an offer that will give you some money back, sell your home "as is" and they of course, will make a profit too.

I'm thinking they will offer you something well below market value (probably 30% below?)

Has anyone ever looked into these schemes and do you know if they are legal, legit or anything at all about them?

Thanks

[Luke]

I believe most of the places that advertise buying "ugly" homes are on the up and up, the deal is how much below market price do you want to sell? As hard as the real estate market is now, I still think if you can hold out for your price you are better off. If it sounds to good to be true, it probably is.

The last place we sold the buyers were "pre-approved" by Wells Fargo for 100% of the loan. the day of closing Wells Fargo only approved 90% of the loan nearly killing the deal. Wells Fargo pretty much sucks in my world.

Long story short, if you can afford to wait to set sail it may be in your best interest. Good luck.