Was it good or bad?????
These types of companies all work under the same business plan. First they find out how bad your financial situation is and the reasons why you called them. Then they either get you to tell them how much your mortgage pay off is or they can usually figure it out based upon other information. Then, appraise the property themselves and if there is enough profit for them to buy it from you and resell it they make you an offer at exactly your pay off amount or maybe $1000 more and give you the hard sell on how their offer is your only way out of foreclosure which will destroy your remaining credit for many years to come and when the lender would eventually liquidate the property the lender would still pursue you for the difference (which is true). All in all you are better off working a short sale with your lender than going this route in most cases.
You have heard of predatory lenders. These company’s are predatory buyers.
February 19th, 2010 at 6:13 am
I haven’t heard anything good. They need to buy these for pennie on the dollar. You can do that yourself and save all the fee’s.
References :
February 19th, 2010 at 6:15 am
they are not going to pay you anywhere near what you hope to get - they buy low - the only way they can later make a profit
References :
February 19th, 2010 at 6:36 am
These types of companies all work under the same business plan. First they find out how bad your financial situation is and the reasons why you called them. Then they either get you to tell them how much your mortgage pay off is or they can usually figure it out based upon other information. Then, appraise the property themselves and if there is enough profit for them to buy it from you and resell it they make you an offer at exactly your pay off amount or maybe $1000 more and give you the hard sell on how their offer is your only way out of foreclosure which will destroy your remaining credit for many years to come and when the lender would eventually liquidate the property the lender would still pursue you for the difference (which is true). All in all you are better off working a short sale with your lender than going this route in most cases.
You have heard of predatory lenders. These company’s are predatory buyers.
References :
Realtor