The Scam Knight Returns (Scams...pt 4?)

[sstabeler]

yeah... thta advert is hitting ALL the red flags I can think of. Off the top of my head, I can think of three possibilities:

1) it's a setup for a robbery ( considering you would be carrying around over $100,000 in cash...)
2) they don't even own the house they are selling.
3) they own the house, but it is so structurally unsound that it has no ontological inertia anymore ( follow the link to see what I mean)

[Heksubah]

Seeing as I now work in title insurance and deal mainly with REOs and foreclosures, I can tell you. REO occupied means the house was foreclosed and now is owned by the bank. That's why they are selling as is. They want to offload the property to recoup their losses. There is no one to disturb at the home really, they just want to keep people off of it to avoid worse damage/loss.

[Tama]

Maybe it's the cash part that was the worst, then...I mean, how many people ask for cash?

[Pixilated]

Seeing as I now work in title insurance and deal mainly with REOs and foreclosures, I can tell you. REO occupied means the house was foreclosed and now is owned by the bank. That's why they are selling as is. They want to offload the property to recoup their losses. There is no one to disturb at the home really, they just want to keep people off of it to avoid worse damage/loss.

But ... no inspections? No viewings? I'd start to wonder not just about that house but about that bank as well.

[Sapphire Silk]

Does the "seller" even own it?

Ah, Heksubah beat me to it. Yeah, it's a foreclosure.

But ... no inspections? No viewings? I'd start to wonder not just about that house but about that bank as well.

The bank doesn't want to spend the money on real estate agents to show the house, nor does it want to fix up whatever problems it has. It just wants to unload the place and get what they can.

You can get sweet deals, but you take a big, big chance. Often fixtures have been removed by previous owners, squatters may have moved and and wrecked the place, or there may be other damage. When you buy something as is, there is no disclosure.

Caveat emptor.

[lordlundar]

yeah... thta advert is hitting ALL the red flags I can think of. Off the top of my head, I can think of three possibilities:

1) it's a setup for a robbery ( considering you would be carrying around over $100,000 in cash...)
2) they don't even own the house they are selling.
3) they own the house, but it is so structurally unsound that it has no ontological inertia anymore ( follow the link to see what I mean)

Doesn't 2 and 3 automatically translate into number 1?