I am somewhat familiar with this type of program. The whole idea bengis on if you find a 3/2/2 and negoiate a 75% FMV.
I don’t know your market so you will have to research and ask around. You might ask to be shown some of their most recent transactions for verification. Then go to the country recorders office and verify the facts. Just to be on the safe side.
I just went to see about the program they have to offer the other day and like you guys have mentioned they require 25% off and it must be at least 15k in profit with the house being a 3/2/2. They don’t pay you until they buy rehab and sale the property. According to them they put the house back on the market under FMV by about 10-15k. They say that they sale most of the houses within 30-45 days of there purchase. The thing I noticed when I looked at my notes was out of all the examples they gave of houses they purchased none of them were 25% off. They all had a profit margin of 15k at least but not 25%. So if anybody else knows any more information on them please reply.