Question on Trulia voices which needs a BIG WARNING!! Shark Alert!!
January 4th, 2008 . by Mike KellyIs there a program out there where if you have bad credit an investor purchases your house for you and you?
make the house payments, you put a small down depending on the amount of the house, and have different options as which are similar to the homeowner?
My Answer:
Rachel, I just want to echo many of the concerns we in the profession have regarding your question. Because of your credit situation you may get short shrift from Realtors and Lenders. This may drive you to work in a vacuum with private investors who just LOVE folks like yourselves. Do me a big favor and don’t sign anything until you’ve run it by an attorney NOT of the investor’s choosing, but an attorney recommended by a consumer group. Don’t let the investor run the old scams by you stating if you don’t’ move quickly you’ll loose the deal, blah, blah, blah!!
I fear you are lambs being led to the slaughter. The Sacramento market has many months to go before any sign of a turn around. An investor is the LAST person you need now. Work on improving your credit scores, save some money up, start a big education program via the internet BEFORE you do anything!!
The warning to stay clear of “Richardson Equities” is but the tip of the iceberg of the investor’s out there just waiting for you to give them a call or raise a hand. I can’t word this warning too strongly!!
