When I represent home sellers , I advertise their listings EVERYWHERE! The most exposure I can get for 
my Orange County homes for sale the better! Lately I have been receiving several offers to purchase my listings at some incredibly low price!
This particular listing I received the offer on was a short sale. I already had an offer on it and I recently had the trustees sale date extended so that we may close the escrow. The listing status of this home is currently :"back up offers only". This offer really made me think...who would send such a low offer to purchase a short sale home just days before the public Trustees Sale date? Someone trying to take advantage of someone is a desperate situation...that's who!
As I examined the letter of intent to purchase I realized it was a form letter most likely being sent to hundreds of listing agents and sellers. I am not sure how these people are going about "saving these sellers from foreclosure at the last minute", but it seems fishy to me.
Today I received an email on a property that I am advertising on Craig's List. It basically read that this company would give me cash for my home if it qualified for a short sale. Now this really seems odd. In a short sale the seller is not allowed to get cash out. Aside for a moving allowance that is sometimes offered.
Back in the 90's these were several companies taking advantage of homeowners in distress, like Boston Harbor. They were sucking people in with the promise of quick cash if they deeded their home over to them. Be wary or any company offering these types of services. Often times you are still responsible for the loan.
There are many legitimate services available to homeowners in distress. Just a word of caution: If someone is offering you something that looks to good to be true it possibly is!
Written By Tina Maraj Shah REALTOR since 1989!
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Fullerton Real Estate Agent. 19 Years of Experience in OC. Representing Sellers and Buyers. Property Managment Services. Pre-Foreclosure Counseling, Negotiating Short Sale Payoffs,Bank Repo Sales
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Unfortunately the vultures are preying on those in distress as always. Your closing statement is sincere and accurate. Hope this post helps someone.
Tina, it is amazing how underhanded some people can be in this world! thanks for the reminder!
Look down in the water and there are the sharks and above our heads are the vultures circling. Beware!
I agree Tina, if something looks too good to be true, then it probably is!
Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
www.teamedwards.info
mobile or text 937-205-4741 office 937-573-0082
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
T- I am glad you investegated and posted this! There definitely are some weird/fishy things going on. Some charge up front fees or ask you to move out right away. I know someone that went to work for one of these companies and she can't really explain it logically to me either!
Tina, I hope a lot of people read this one.....
One of my agents recently listed 3 properties for one of her sellers that were on their way of losing all. Time ran out and all were sold at action on the same day. I received so many office calls from people wanting to buy on 10 cents on the dollar I lost count. The moment the auction was over the new buyers called to see if I had anyone to purchase them. When I would say no , they all just disappeared like the wind. I can't stand these people....and I like almost everyone on this planet.
Thank You All, For you comments. It justifies the way I feel about this situation. I know there are good agents out ther really trying to help there homeowners in distress!
There is another way to look at it: If a buyer is looking to get a deal and there is no funny business going on - they might be able to get a great price as no one else was willing to step up to the plate as the home was in immenent foreclosure.
In this case it might be worth a shot for the buyer to low ball the banks and see if it sticks.
Everybody seems to be looking for a deal these days. Even if the list price is already a good deal, they want an even better deal. All first offers seem to be very low.
Tina.....the bottom feeders are everywhere looking for a great deal.
Thanks for the tips. You have to be careful when selling, that is for sure.