Well now that the housing market is a buyers market. There are these investors negotiating deals with mortgage lenders to sell to them for a fixed price. Usually less than whats owed. A contract is signed that gives the investor first rights to purchase the property. The investor then finds a buyer willing to buy the house for more than the amount the lender agreed upon with the investor. Follow me so far? The buyer doesn't know about the agreement with the lender and the lender usually doesn't know about the new buyer willing to pay more for the same house. At the closing the investor buys the house at said agreed price from the lender and closes with the new homeowner. The investor pockets his profit in one day. Now I don't have a problem with people making a profit. But Hey! Sounds a little shifty to me. Now this also ties these homes up so that the general public cannot buy these at a good price because of the investors contract. This really sucks! I hate greed! Let the new home buyers get first crack at these houses.
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Mon May 18, 2009 10:26 pm