Augusta
VIP Contributor
One of the tricks employed by some dubious people in real estate is that of short sale scam. Knowing about this trick can save you from serious financial losses
Borrowers that can pay up their mortgage or loans try to adopt this trick. The trick is to feign financial hardship and inform lenders to agree to short sales. When the lenders have agreed to short sales, then a partner from the borrower side will come forward to buy the property at a very reduced price, thereafter, the property will then be resold by the borrower and partner to another buyer but at a higher profit.
The signs to watch out for here include
Looking out for defaulters on mortgage payments that don't take part in workout discussions with lenders
They want to sell the homes the borrowed money to buy for less than the current market valuec
Getting cash back for short sales, under the false pretenses and are never willing to lenders in with this information.
Borrowers that can pay up their mortgage or loans try to adopt this trick. The trick is to feign financial hardship and inform lenders to agree to short sales. When the lenders have agreed to short sales, then a partner from the borrower side will come forward to buy the property at a very reduced price, thereafter, the property will then be resold by the borrower and partner to another buyer but at a higher profit.
The signs to watch out for here include
Looking out for defaulters on mortgage payments that don't take part in workout discussions with lenders
They want to sell the homes the borrowed money to buy for less than the current market valuec
Getting cash back for short sales, under the false pretenses and are never willing to lenders in with this information.
