investor: Yes George, Short Sale Buy Backs ARE Illegal
- 03/12/08 08:59 AM
This post is dedicated to a local Realtor engaged in the very dangerous practice of structuring short sale buy-back/lease backs. For those not familiar, a short sale buy back is where the Seller/Borrower (who is in foreclosure) enters into a Purchase Agreement with a relative, friend or whomever to buy the [distressed] property at a short sale discount. Unbeknownst to the lender, the buyer's intention is to buy the house at the short sale discount, allow the seller to remain in the house and then enter into an agreement with the seller (who is now a tenant) to buy back the house at a … (13 comments)
investor: Just Business or Ethics Violations?
- 12/21/07 07:50 AM
You be the Judge: Parties: Dottie - Condo owner, 100% disabled, 54 yr old female, average consumer e.g. not an investor, intelligent but not real estate "savvy" Doug & Erica - Husband & wife team, Doug is an investor/wholesaler, Erica is his partner who is also an investor but also holds FL RE license Circumstances: Last February, Dottie found herself struggling with mortgage payments. After missing a 2nd mortgage payment, a "WE BUY HOUSES" ad caught Dottie's attention and she made an appointment. Doug met Dottie at her condo for the initial consultation at which time Doug assured Dottie he would ‘treat her like family'. Doug … (15 comments)
HUGE Home in Great Clearwater Location! … (0 comments)
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