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Author Topic: what illegal????  (Read 5241 times)

Offline real estate 001

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what illegal????
« on: February 21, 2007, 12:10:48 pm »
 :cool   i have one for all to look at  and give some input >>> i was offering to buy this property from a guy facing foreclouser  if he did not come up with 70k  to fix every thing !! Well my offer was this   to buy the home   for 80k as it had a apprasial  118 k  then was in a double close sell it to  a friend of the  seller for  118k as he had problem  credit   >>> and i had some one set to buy the note    for 100K    i was told  this was illegal buy the seller  :shocked

Offline Bluemoon06

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Re: what illegal????
« Reply #1 on: February 23, 2007, 11:57:05 am »
Did he say which part of it he thought was illegal?  Was it the lack of seasoning of the deal (double close), or the note, or what?
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Offline real estate 001

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Re: what illegal????
« Reply #2 on: February 23, 2007, 02:34:27 pm »
 :cool I   think my buyer was thinking of selling it in some way back to his friend  is what  i think was his plan ??? do with it as you want after i sell it to you just  pay me my money

Offline aak5454

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Re: what illegal????
« Reply #3 on: February 23, 2007, 02:50:22 pm »
if the property ends up back in the hands of the original seller, then this series of transctions could be viewed a financing scheme.  also, you don't include much info about where the money is coming from, but its seems that somewhere a private party loan is being origined.  Also, the seller paying off his current note or is this a subject 2 deal?

Offline real estate 001

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Re: what illegal????
« Reply #4 on: February 23, 2007, 03:46:37 pm »
 :cool here is how the deal was to go down but did not happen


 the first person was about to loose  there home in foreclouser   the amount to get him out of this was 70k  i offered to buy it for 80k  and then was going to resell the home  and his friend said i will buy it   and the apprasial was  118 k    i was going to sell the home on anote to his friend  ALL ready had the note sold  when it was made   for  96k   the friend was  thinking of  reselling the home back to his friend  >>> but i was not made aware  of this tell  all most all was done  and this is when the seller in forclouser said this is illegal

Offline Rich_in_CT

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Re: what illegal????
« Reply #5 on: February 23, 2007, 03:49:23 pm »
Why would the seller pay 2 middlemen?  If this guy has enough money to do that and pay a lot more than he was selling for why not just pay his original payments?

Offline real estate 001

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Re: what illegal????
« Reply #6 on: February 23, 2007, 04:31:53 pm »
 :cool okay   you are making this more confusing then it is


 the man in foreclouser  was going to sell me his home for 80 k  i was then going to sell it to his friend for the full apprasil  of 118  as he could not get a bank loan  i had the  note (( with the friend ))) sold at close for  96k   giving me a profit of  16 k

 the friend was thinking of selling at alater date a few months the house back to the friend  there was never 2 middlemen

Offline 71tr

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Re: what illegal????
« Reply #7 on: February 23, 2007, 07:25:27 pm »
man in foreclosure sells to you
you sell to friend
friend sells to man in foreclosure

middleman 1 = you
middleman 2 = friend

Offline zebold

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Re: what illegal????
« Reply #8 on: February 23, 2007, 09:13:35 pm »
I am finding this very hard to read!  :banghead
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Offline real estate 001

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Re: what illegal????
« Reply #9 on: February 24, 2007, 12:35:56 am »
 :cool okay  i am going  break this down  again  it was nothing more then buying a home from some one facing foreclouser  and flipping it to another person !!! THE person who bought the home knows the person whom i bought the home form >>> he was thinking of later on selling it back to the  person who lost it


 there is not one illegal  with flipping the home ((  and keep in mind the deal was cancled ))

Offline 71tr

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Re: what illegal????
« Reply #10 on: February 24, 2007, 09:57:50 am »
Perhaps the illegal comment arose because the whole string of transactions could be construed as an attempt to defraud the original foreclosing lender on the house.  I'm not saying that is what you are doing, there is not enough detail here.  But for example if you were to short sale the lender (thus they take a loss), then sell the property to the friend whom then sells it back to the original defaulting borrower.  The lender is out $ and the original owner is back in the house.  This could raise some eyebrows.

Offline real estate 001

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Re: what illegal????
« Reply #11 on: February 24, 2007, 12:55:46 pm »
 :cool yes i agree this would be a fraud  on the mortage holder in the first place  at the start. However  i had no idea what the friend had in mind  tell i was startting and going through the deal and then i said  no way that is just helpping you get your self out of your current mortage  and  niot have to pay any fees to do it ((( nice friend but not for me)))   as i have been around this game to long for this  to happen  flipping is legal  fraud is fraud

 




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