Re: Is this a scam?
Posted by Paul on May 31, 2008 at 16:01:37:
In Reply to: Re: Is this a scam?
Posted by NJD on May 26, 2008 at 09:28:42: I would suppose they are trying to obtain a short payoff from the lender and sell to you for a profit. The property was probably deeded into a trust so that the defaulted homeowner could assign the beneficial interest to the real estate investor. The settlement is taking place at a title company so that the funds from your transaction can be used to pay off the short payoff through a double closing or a simultaneous closing. These are all my guesses on what is going on. Not many title companies will do these types of transactions anymore because it is at minimum considered shady business.
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