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Old 04-30-2007, 08:33 PM
 
279 posts, read 1,859,370 times
Reputation: 231

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One day a man came walking up my driveway while I was in my garage. He seemed interested in buying my house. (It's for sale) Anyway, after talking to him for a few minutes he tells me he wants to buy it but not live in it. So I'm like 'oh you're going to rent it out?' He says no he's an investor and he really needs to talk to me and my husband at the same time. So I'm asking him how his 'investing' works. All he would tell me is that they work with my existing financing for 2 years, and they like to do this without any realtors. So I ask ' I'll still own the house' No he says. He wanted to know how much I still owed on the house. I tell him I don't know. He gives me his card and tells me call him when I have the info, full well knowing how much I still owe, but I wasn't going to tell him. Well my husband wouldn't even let the guy come over, and I am dying to know what this deal is. We don't want to take it, but I am so curious. Does anyone know what this is all about? BTW his business card was just his name and #.
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Old 04-30-2007, 09:22 PM
 
Location: Just south of Denver since 1989
11,826 posts, read 34,433,423 times
Reputation: 8971
sounds like he gets the house, and the financing and you lose...the house and your good credit.
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Old 04-30-2007, 09:24 PM
 
1,025 posts, read 4,095,478 times
Reputation: 662
Could it be something like that "equity-stripping (http://www.local6.com/news/13215408/detail.html - broken link)" scheme that I read about in the Florida forum?

.
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Old 05-01-2007, 05:42 AM
 
Location: Falling Waters, WV
1,502 posts, read 7,378,724 times
Reputation: 815
Don't waste your time by even listening to him. STAY AWAY!

There is another thread on a subject like this. He will have the house turned into his name and leave you with the mortgage.
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Old 05-01-2007, 04:05 PM
 
279 posts, read 1,859,370 times
Reputation: 231
Thank you for your warnings. We already told him not to come back over. I am just curious about what he was going to do. We were sure that he wasn't on the up an up.
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