I wanted to post a short blog about an experience I had recently. With so many homes going into foreclosure and people out there with not such great credit I am seeing a new type of investor/predator. They claim to buy bank owned homes (often through a third party that deals directly with the bank and flips it to the investor). This investor then "rehabs" the house....not really just a cheap paint job, and some incidentals. They then place the home on the market and target people who are wanting to buy a home, but don't realize with a little credit repair they could actually qualify for a loan without getting involved with such companies. The companies market the homes to this group of unsuspecting buyers, require 4% down payment (NON REFUNDABLE), and expect to have the buyer finance the home 3 to 6 months later or they loose everything? How is this legal? The worst part is that they are not disclosing pertinent facts about the home. In this instancethe buyers were under the impression that the home that they are doing the lease purchase on was built in 1998 when in fact it was built in 1988. To add insult to injury the home had a roof leak, which they repaired, with other roof rot that is not evident to the naked eye. In short this home is going to need a new roof.....are these buyer's going to be able to afford this??? More than likely not. Buyer's need to know that as REALTORS they will get all of the facts and that their interests are protected.
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