What they left OUT of their story is what we commonly understand. The person facing foreclosure who’s already been served with his Notice of Default is looking down the barrel of either selling it anyways at the last minute (if they’re lucky) or losing the home and ruining their credit. Apart from winning the Lotto or getting a huge private loan from family… chances are already HIGH they’re going to lose that home and equity.
They also snubbed their nose at the idea of ‘homeowners’ being turned into ‘home-renters’. Again, let’s get real about the situation. By creating a second lien or selling the home and renting it back they’ve bought themselves the one luxury they didn’t have before… TIME. At a rent maybe lower than their previous mortgage and with the weight of the bank off them for the late payments they now have the time to re-group without putting their entire family into a 2-bedroom apartment somewhere on the cheap side of town.
The way I see it… we’re a ‘predator’ to everyone looking on wishing they knew how to make $$ in RE, but haven’t got the ‘ganas’ to actually do it. But we’re a ‘savior’ to those who know the real score when it comes to that dreaded deadline that will surely take out their home from under them without a dime to show for it when the property goes REO.
I guess they don’t want someone else to make the
money and that coupled with a few bad apples that have
made it hard for the good ones.
I guess the only way out is for some kind of affiliation to
an organization that qualifies investors.
And well, no offense to realtors, but it should not be
a requirement to be a realtor to be an investor in the
If you’re going looking for slugs, you can alway find them. I’m sure what they describe is really happening.
The way I see it, is that stories like these make life easier for those of us who are ethical. I give stuff like this to sellers in my “evidence manual” which also includes testimonials (Something I learned to create in sales many moons ago)-- it stays behind after I leave for the seller to examine, and if they wish-- to check references.
I also make no bones about the fact that I’m there to buy their house, and they will be moving out (I NEVER do leasebacks (except in France where it has a totally different meaning) EVER).
Finally, if we can’t come to a mutually beneficial arrangement, I pass. I do not “play hardball” (though, I have no problem telling them that one way or the other they’re moving-- by sale, or by sherrif. and I have no problem filling them in on the consequences of foreclosure).