Home Buying in Red Hook>Question Details

tracy dietri…, Real Estate Pro in Virginia Beach, VA

I have been offered a deal to purchase a house for $5,000 down with owner financing.

Asked by tracy dietrich, Virginia Beach, VA Fri May 3, 2013

The mortgage and deed are in the previous owners name. When I questioned this, I was informed that the Seller purchased the house because the owners were in trouble. What is wrong with this picture?

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Answers

6
Dear tracydietrich:

You need to hire an attorney to review the paperwork and make sure it is legit.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat May 4, 2013
Keep in mind that scams do exist, therefore if you plan on moving forward, protect yourself and consult with an attorney who specializes in real estate beforehand.....
0 votes Thank Flag Link Sat May 4, 2013
I can bet my career that this individual is a real estate speculator. Here is another bet, tell him you have a buyers representative, I am certain he would say that he is not working with any Realtor.

Who remembers the real estate crash a few years ago?

Some of those speculators are back again.

Caveat emptor.

Phillip Benn
Kings Realty Professionals
7219 Ave N
Brooklyn NY 11234
347-526-3501
0 votes Thank Flag Link Fri May 3, 2013
"The mortgage and deed are in the PREVIOUS owners name" ??????????

Well then, that would make them the CURRENT, not previous, owners!!

You can't be the owner and not be on the deed.
You can't sell a house unless you have the right to transfer title, which means you have to be on the deed..ie - you are the owner.

No idea what this person is trying to do, but it sounds like a scam to me.

You asked what was wrong with this picture?

Everything!

Run in the opposite direction........
0 votes Thank Flag Link Fri May 3, 2013
Well,

If the person trying to sale the home is not on the DEED I see no legal way they can sale it to you or anyone else for that matter.

Please do not give this person one dime, as it will be just that a "GIFT". The chance of this person being able to sale you this home is slim to none.

If you desire to buy a home of your own, get yourself a buyer's agent and start the pre approval process. Do not become a victim of a scam.

Much Success to You!

Kawain Payne, Realtor
0 votes Thank Flag Link Fri May 3, 2013
Tracy:

So someone is selling you a house that isn't in their name? Hmmm I would have a real estate attorney look into this for you.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Fri May 3, 2013
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