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Has anyone worked with this operation? Does this really happen?
$175000 / 4br - 2200ft² - Buy with a 580 Credit Score and 1/2% Down Payment!! (DFW)
Buy with a 580 Credit Score and 1/2% Down Payment!!
Won't post any names here for now but looking for comments about the link.
Thanks!
I think the question is how someone with a 580 credit score is going to come up with $87,000. I imagine there are some circumstances where it's possible.
I find it odd they don't supply a link to their website.
Their website doesn't advertise this 50% down.
Best I can tell this is a Realtor offering the listing in DFW area. You could certainly check her out locally and see if she has any complaints. If it were an unlicensed seller I would be more concerned about that.
The rest is my personal opinion.
I would use a "Buyers Only" agent to represent you, preferably one with a great reputation.
I would hire my own property inspector and tell him to be thorough. I would rather know and have them kill my deal than settle for a few concessions and find out later I bought a mess.
I am a bit old fashioned, but if this is 1/2 of 1% down ($875), as opposed to 50% down($87,500) I don't think that is enough. I would worry about not having enough of a cash cushion for repairs and emergencies that will pop up. Living in a money pit myself, there have been many days I wished I had a landlord to yell at.
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Five Real Estate Scams to Beware of on Craigslist | The Farah Law Firm
The property’s representative is unable to meet with you in person. You should always be confident that you’re dealing directly with the property’s owner or a legitimate representative. Landlord and seller impersonation happens more often than you would think, and even the smartest of renters and buyers have fallen prey to silver-tongued con artists like these. If they claim to work for a real estate company, call the office and double check. And don’t forget that you can use the same thing you used to find the property to check out the person with whom you are dealing: The Internet is a powerful thing, and a quick Google search can literally be a lifesaver.
The property they show you is different than the one you saw online. It goes like this: You’ve been looking around online for the perfect place for weeks, and you’ve finally found it. Great neighborhood, great school district, perfect square footage, and a fenced-in yard for Fido. But when you arrange to meet with the landlord or seller, you’re told that that particular property is not available, but another one is. This other property will most likely be either a.) more expensive or b.) in far worse condition and/or in a much less desirable neighborhood. Tell them you aren’t interested and start your search over.
They’re asking for money early on. Never hand over your hard-earned money before you’ve verified that you are dealing with a legitimate representative, you’ve seen the property itself, and, ideally, you’ve had a real estate attorney look over all the attendant paperwork. If they’re asking for money up front, you should be suspicious. Don’t give them a dime until you’re 100% positive that the property you’ve seen is the property you’ll be renting or buying, and that there won’t be any surprises down the road.
They’re asking you to wire money. If you’re being asked to wire money, especially before you’ve seen a property in person or been able to verify the identity of the landlord or seller, don’t. Odds are, the person you’re dealing with is not the actual landlord or seller and they’re trying to unload a property—maybe even a fictitious one—that they have no claim to. Again, always verify that you’re dealing with a legitimate representative of the property. Google is your best friend.
Most important, if it sounds too good to be true, it probably is. $700 a month for a four-bedroom house with walk-in closets and granite countertops in the best part of town? $90k for a fully remodeled two-story house with a swimming pool and a three-car garage? Such supposed “steals” may sound tempting, but use your common sense: If it sounds too good to be true, it probably is. Arm yourself with information. Do a little research so you know what other properties in the area are going for so you can compare.
Many of the people orchestrating these scams are highly skilled and extremely persuasive, which can make it difficult to distinguish the good guys from the bad guys. But you don’t have to be a victim. Remember:
Always ask landlords and other agents for identification, especially if you’ve found them on Craigslist.
Trust but verify, and pay attention to your instincts. If you have a bad feeling, go with your gut.
Never let anyone pressure you into signing anything.
Use the Internet to confirm information about the property as well as the landlord or seller.
Be leery of middlemen—ideally, you should always work with the property’s owner directly.
Rely on a licensed real estate agent or a real estate attorney to help you find the best property at the best price and eliminate the chance of being duped by a Craigslist scam.