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Is this some new kind of real estate scam?

Profile picture for BobPhillipsRE
Real Estate Agent
Contributions: 609
Zillow All-Star

Since December 2009

Wow!  I have recently seen some posts titled: "Will the owner provide seller financing or take a discount?"

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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May 07 - US
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Answers (4)

Profile picture for BobPhillipsRE
Real Estate Agent
Contributions: 609
Zillow All-Star

Since December 2009

I'll send you the link to his profile, David.
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May 07
Profile picture for BobPhillipsRE
Real Estate Agent
Contributions: 609
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Since December 2009

Hi Sunyview - long time no chat.  It would appear that this person is looking for someone with a lot of equity, who wants to sell - and doesn't mind absorbing a 20-25% discount - from today's already substantially reduced prices!

It would be FAR less expensive to just sell through normal channels.

I sure hope this guy - who may be legitimate - doesn't find many "takers" for his scheme.  There is probably nothing illegal about it.  As P. T. Barnum stated long ago: "There is a sucker born every minute".
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May 07
Profile picture for sunnyview
Contributions: 10889
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Since January 2009

I'm with you. It sounds fishy and you know what they say. If is swims like a fish and smells like a fish, leave it the heck alone--or something like that.
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May 07
Profile picture for DavidG
Contributions: 1088
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Since November 2009

Please flag the next one you see Bob. Thanks,
David
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May 07
 

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