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JoelTR
join:2000-12-05
Carmichael, CA

JoelTR

Member

Need Help on Real Estate Investor

Hi All,

I'm selling my house myself, and I put an ad on Craigslist. I received an email shown below:

"Hi, I have an investor offering your full asking price, if your seller is able to carry a 45% note secure by a 2nd deed of trust at 6% annual interest for 90 days, with no prepayment penalties. Seller will receive 55% cash in escrow. The 45% note with its 6% interest will be paid within 90 day period as a balloon payment. Please advise."

Is this legit? Or is it one of those scammers?

Any help is appreciated.

Thanks!

sashwa
Mod
join:2001-01-29
Alcatraz

sashwa

Mod

I don't know for sure but it sounds like a scam to me.

JoelTR
join:2000-12-05
Carmichael, CA

JoelTR

Member

Yes, that's what I think also. Why would an investor pay full price? An investor usually wants to bargain as low as possible to get the most profit.

leibold
MVM
join:2002-07-09
Sunnyvale, CA
Netgear CG3000DCR
ZyXEL P-663HN-51

2 recommendations

leibold to JoelTR

MVM

to JoelTR
You (the seller) would be responsible for the repayment of the 2nd mortgage while the "investor" would get the rights to the property for a little over 1/2 of the asking price (55%).

What could possibly go wrong ?

The important thing to understand is that if the buyer fails to repay the 1st mortgage and the property is being foreclosed on there may not be enough (or any!) money to pay back the 2nd mortgage (for which you as the seller remain responsible).

JoelTR
join:2000-12-05
Carmichael, CA

JoelTR

Member

It doesn't sound it's a good idea to deal with such "investor."