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- Is this some new kind of real estate scam?
Is this some new kind of real estate scam?
Bob Phillips, "BobPhillipsRE"
Coto de Caza
Real Estate Agent
Contributions: 543
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In the post there is this message: Good Morning, I am interested in this property and wondering if you could possibly consider seller financing and a note discount. I could get you 75 % to 80% of the balance of the note if you would carry the note back and what this means for you is a lump sum of cash secure by the real estate and trust deed. Please consider this option as i can get the paper work started.
Apparently the poster wants to "buy" the property, having the seller carry substantial financing ( perhaps 100%? ) and then discount that loan by 20-25%? Does that smack of an illegal concept? I sure hope some desperate owner doesn't get roped into a scam.
Perhaps I am interpreting something incorrectly, but it sure sounds fishy to me.
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