Are Lease-buy pre-foreclosures a good idea?
Ok so my mom was telling me about this service she signed up for that let's her search homes in pre-foreclosure. Basically what I was told was that someone's home is about to be foreclosed on and if she pays the amount they owe then she can then lease the home with an option to buy. So what I don't understand is what is the amount that it could then be bought at and this sounds too good to be true. Sounds too easy to move into a home. A lot of them she fond had under $60k left owed on them. So she will end up paying off that amount? Can someone help me out with this? I just don't want her to be scammed.Also, she said most of them were in trusts and from what I read online that sounds like something that happened from the previous owner transferring the title via a quitclaim deed. So sounds like the owners of this website are offering these homes for sale that they now own???
|