OfflineWatching the news, I saw a story of a family being evicted. They was
renting it seems, from a person who was lease/optioning the property
from the owner. Not knowing how the Owner and Leasor have their
contract set up. But knowing the standard agreement is for the leasor
to be responsible for the property and payments, I see where a less
moral people could do great damage to that side of our business
.
An owner in a distressed property may accept the deposit from a person
who never intend to make the mortgage payment.
This person then receives a larger deposit from a sub-leasor in the
form of 1st and last rents and security deposit.
They may even collect a few months rents, before the owner becomes
aware they are still losing that house, and ruining their credit.
With the New Bill coming to vote in Congress, actions like this are
not reflecting well for Lease/Options future.
And that`s a shame. For this is a powerful tool for any R.E. Investor
to have in their business toolbox.
I would really like some feedback on this.
Jim
That's definite unethical. It really makes you understand that you need to be on the same page as the person you're doing business with and always covering yourself by understanding contracts and doing proper research whether you're a buyer/ seller/ or renter.
The sooner people stop trying to get ahead by taking advantage of people and just try to help them along just as dean does all of us the better we all will be as a culture and economy!
We also had a news segment about that. Two men where going around and lease buying homes but were only living in them and not sending the money to the mortgage companies. They would get done with one and move on to the next house.
Also saw a news program where this guy was buying homes and doing refis and pocketing the money and letting the homes go back to the banks. That one was a few months ago but he had over 100 homes involved in it.
Always use a third party where the mortgage company can draw the money from not the owner.
Also saw a news program where this guy was buying homes and doing refis and pocketing the money and letting the homes go back to the banks. That one was a few months ago but he had over 100 homes involved in it.
Always use a third party where the mortgage company can draw the money from not the owner.
Classic mortgage fraud. I agree also with that last statement.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.