This guy advertises rentals, lease options on Craigs List. When you call he wants $40.00. He does not state that it is a monthly fee. He says "We are a listing service. We deal with pre-forclosure listings."
He told me I would "take over payment"."You are buying it. It's a rent with the option to buy so what we do is help home buyers, also investors find homes now going into or near foreclosure before the home is sold at the public auction. So you're not going to have to apply for a loan we show you how to take over on the existing loan. Once you have logged into the website you view the properties we have available, when you find the home you are interested in, contact the homeowner to schedule the walk through. Once you agree to the terms and the conditions we do a title search to make sure that there are no back taxes, liens or judgments."
I tried to ask a question here but he just kept going and would not let me talk. It was quite clear that he was reading the spiel to me.
"Once you clear the default, the title of ownership transfers into your name. You would obtain ownership of the home and begin to make the existing mortgage payment directly to the bank. The registration is $40.00, that includes the title search, the deed transfer; the listings are provided there for the entire county and will be updated daily for you. Do you understand all that?
So I said yes and repeated that he would make sure there were no outstanding mechanic liens or other liens. I said "there's a default amount listed. If I pay that default amount, I can buy the house? The response was, "Ya, you're taking over on the existing loan that is already on the property." I asked if they would do a credit check on me and he said "No. It's income driven. It means whatever the existing mortgage payment is, the gross household income needs to be twice that amount in take home pay.
I said, "So they do do a credit check of some sort on me. Now he was starting to get rude and said, "I never said a credit check. It said it's income driven." He gave a big sigh and said "what's your first name?" I told him and he began typing! I then asked "What's this $40.00? Is that every month?" Rudely he said, "That's what I just explained to you here." I responded, "you said the fee is $40.00, you didn't say if it's a one time fee or if it's a monthly fee"
Now he got really jerky and said "Listen. Listen, I just explained all that to you. Have a nice day" and hung up. He did the same thing to my daughter. I don't believe he has the right to list any houses or that the homeowners want to sell. Pre-foreclosure means they can catch up the loan at any time. It is also suspicious that he says I have to contact the owner myself to "schedule the walk through". I'm sure he gets these "listings" out of the local newspaper and the people do not know what he is doing. The "terms and conditions" I need to agree to with the homeowner are not spelled out either.
The terms and conditions on the website state that the money is not refundable and is a monthly fee that will begin immediately. I think this company should be investigated as to whether he even has the right to "list" these properties or do a title search. Even though I was told there would be no credit check, the website tells you to get financing. Banks do not just turn over mortgages to new people without qualifying them.
I caution people NOT to give this company any money!!!
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