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Old 10-16-2007, 07:28 PM
 
Location: Warren County and loving it!
5,079 posts, read 7,245,272 times
Reputation: 2557

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We are trying to sell our home by owner and just had a message on our voice mail from a private investing firm that buys homes. I thought I heard him say they give a full price offer if we leave the finances in place.
Has anyone ever heard of this? I'm inclined to believe there is a scam in here somewhere and if not, of course I want to call him back. But you all have been helpful in the past with your knowledge on things, just thought I'd run it by you first.
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Old 10-16-2007, 08:14 PM
 
119 posts, read 166,228 times
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In general, owner occupied buyers would pay more than investors. Why? mortgage rate is lower for owner occupied, fewer points, and especially first time buyer. On the other side, it would be lower cost for investors if they can "assume" current mortgage at "lower rate", and of course little or no overhead.

However, most mortgages I know are "NOT assumable"; that is to say, NOT transferrable. So, you need to check your mortgage paper to see if it is assumable first. I believe it is NOT. So, you can stop here and ignore that offer. (Why not assumable? bank or mortgage companies are not stupid, you got the mortgage because you got good credit, the assumee may not.)

Any buyers come to you directly who show interest buying, you want to get their "lawyer" name and phone number. Any fraud may not have a lawyer to start with, why? fraud is afraid of lawyer.
And you will have your lawyer to handshake with buyer's. Buyers normally have lawyer because there are many things to do.

If seller are familiar with the selling process, seller may not need lawyer but escrow company to close, but, in general, a lawyer is good to protect you. And seller's lawyer has much fewer things to do than buyer's lawyer, so lower cost and therefore, most closing at buyer's lawyer office, most papers are at buyer's lawyer office.

Another way to tell if it is fraud to see if it is "remote" or "local", if someone call (or email), no matter if company or buyer, if they can NOT physically come to "visit" your home, then it is very likely to be fraud. It is very normal at craigslist or other similar website that landlord or sellers got email from someone from, say, at UK claim "would just rent the place WITHOUT seeing it", or "would buy your home WITHOUT seeing it". This is almost 100% fraud.

In this world, there is NO tenants or buyers will rent or buy WITHOUT seeing it, or have trusted people to see it first. People from "remote" trying to get your identity by saying to wire rent or deposit to you ...etc to obtain your bank account ...etc info to get money out of you.
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Old 10-16-2007, 09:03 PM
 
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You have a lawyer to help with the closing right? Talk to him about it.
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Old 10-16-2007, 09:57 PM
 
119 posts, read 166,228 times
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That's good idea too...
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Old 10-17-2007, 03:09 AM
 
Location: Warren County and loving it!
5,079 posts, read 7,245,272 times
Reputation: 2557
Thanks. That's exactly what my husband said. I'm so scared of scams that he said, a scam isn't going to get through our attorney.
I think I'll give the guy a call back and see what he has to say. I think he wanted us to keep the mortgage in our name. If that's the case, then no, we wouldn't do it. Just too risky. The guy that called was local, at least the phone number was.
I'll let everyone know what we come up with. Thanks a lot!
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