PreForeclosure home take-over payments on Craigslist. Scams? Possible?

[danyelwilliams]

Originally Posted by Tominika

I am actually currently working with one of those companies that advertise on craigs list. I will be paying the $199 fee for the title and lien search. I figured if it is bogus, then im out two hundred dollars that I may have blown anyway, but if its ligitimate, then $199 was a small price to pay for a situation I might otherwise not have qualified for. I will update after the process and let you guuys know the verdict.

I signed up tonight for such a service. Just wanted to know how it went for you. Thanks.

[allenk893]

Originally Posted by finzup2

I know, if if looks to good to be true.....

So what is the REAL scoop behind those people who advertise on CL to take over payments on pre-foreclosures for less than renting? Are they balloon payments, etc..?

Thanks!

DON't TRUST CRAIGSLIST!!! I don't know how many times I have to say that. If your not looking for a job or an acting gig, don't do craiglist. You just can't trust a site like that in matters of living situations. They always lie!!

[RandyStevens]

DON't TRUST CRAIGSLIST!!! I don't know how many times I have to say that. If your not looking for a job or an acting gig, don't do craiglist. You just can't trust a site like that in matters of living situations. They always lie!!

That's pretty rough. I understand there are scammers everywhere, especially on free sites like CL, but there are definitely a lot of legit stuff on there. Most online consumers check it out these days so why not get exposure for free. I use CL regularly to post my ads for the homes that we offer our "No Banks Needed" Program. We ALWAYS use title companies and attorneys to close our transactions for peace of mind of all parties. Not sure about "less than renting" though unless you have a sizable down payment or an inflated rental market.

Good luck, Tominika. I suspect you will be satisfied, however its hard to tell when people are on the up and up until its too late. If you are open to the Austin, TX area, feel free to check out [url=http://www.FlorenciaProperties.com]Florencia Properties[/url].

[beccane]

I think you could get a lawyer to give you an idea of your true risk and I wouldn't trust anyone else. That said is it really MORE risky than subletting, assuming that you don't take on responsibiity for the loan itself? What I'm saying is, you could get kicked out of any sublet, any time. It's not just in foreclosed apartments that you run that risk. If you are not overly upset about having to move in a year it could save you money to spend on other important things like paying down debt or saving for a down payment.

[JohnG72]

Originally Posted by BennyPhoenix

I wouldn't even pursue it. It is too complicated which leads me to believe that you would either:
1.Be overpaying.
2. Get screwed somewhere along the line.
3. Lose all the equity and get foreclosed.
4. Ruin your credit.
5. All of the above.

When real estate transactions are complicated someone is making out like a bandit and someone is getting screwed.

^^^^^^^^^^^^ This.

I have no idea why some people out there think they see a bargain, deal, or short cut where no one else can see that opportunity. Like somehow they are brighter or more visionary than anyone else.