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Can a realtor purchase a persons and lease it back to them so that they can avoid foreclosure?
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A friend of mine told that this was true in Texas where we live. She said that the buy the house from the mortgage holder and lease it back to the home owner with the option to purchase it back typically within a year. She says this allows the home owner to reestablish their credit score. Is this true.
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7 Comments
March 1st, 2009 at 12:47 am
realtors in general can be very scummy……be very careful
March 2nd, 2009 at 7:53 am
Yes. But it’s going to cost you. They are not going to do this for “free”.
March 5th, 2009 at 5:25 pm
Must be great to buy a house from a realtor/friend/family…..
Those that haven’t, good luck, you can’t normally do that unless the person offers you a way out of the rate they set you into……
It sounds like a huge gimmick to get you to give them the house, but I don’t know the deal you made. You might have signed a deal with the devil, so to speak…..lol……They knew you couldn’t pay the price, so leaning on them is more than helpful for you, yes?
And they are set back by how? They own your home when the deal is done, or something that advantages you? LOL
Why would anyone do that for you?
March 8th, 2009 at 11:44 am
There are many companies that provide this service. A word of warning though, the original owner becomes a renter and can be evicted for falling behind in rent payments. The home will be owned by the new lease back company and they can do with it what they wish, including selling or raising the rent.
Just make sure that you have a lawyer read the small print.
March 8th, 2009 at 5:24 pm
depends on the state in mine yes. you can sell your home to anyone and they can rent it out instead of moving in, as long as there are no statues in the subdivision, but why would anyone want to take such a risk at little or no profit
March 9th, 2009 at 4:47 am
A Realtor would have to be NUTS to do that.
If they can’t make the mortgage payments…what makes the Realtor think they can make rental payments.
No way, no how.
PS: I had a friend that has a ton of money that did it for a guy she had known for 12 years to help him out…she ended up losing $22,000 on the deal.
March 9th, 2009 at 7:38 pm
Here’s how it usually works. You’re several months behind and facing foreclosure. Then the ForeclosureNerd shows up to bail you out. You sign a quit claim deed and you lease the house from the ForeclosureNerd. The ForeclosureNerd gets your mortgage caught up and your house is out of foreclosure. You still can’t make payments so you get evicted and now ForeclosureNerd owns your house.