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Seattle Bubble Forum Archive • View topic - Distressed property owners in need of your help! hmmm

Distressed property owners in need of your help! hmmm

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

Distressed property owners in need of your help! hmmm

Postby barista » Mon Apr 21, 2008 3:06 pm

I came across this ad in craigslist today http://seattle.craigslist.org/see/apa/651037318.html

Did a bit lookup on the image and realized there are many more of these at
http://s280.photobucket.com/albums/kk180/nashkobehook/

So what's the deal here? Is it even legit?
barista
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Re: Distressed property owners in need of your help! hmmm

Postby Alan » Mon Apr 21, 2008 3:11 pm

I put odds on this being a bait and switch tactic. Those properties may actually exist, but I doubt the pictures are of those properties. The monthly cost they list assumes payment on the remaining loan balance. It does not include fees to get current on the mortgage. There is also no guarantee that the properties will sell for the remaining balance amount. The more people they get interest from, the more bidders they will have and the higher the price will go.

They are also advertising in Lousiana.

http://lafayette.craigslist.org/apa/606540395.html

It could also be a scam to steal "deposits".
Alan
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Re: Distressed property owners in need of your help! hmmm

Postby perfectfire » Mon Apr 21, 2008 4:00 pm

The ad has been removed. Can one you tell us what the deal was?
Remember, if you rent it's not a home, it's a hovel.
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Re: Distressed property owners in need of your help! hmmm

Postby barista » Mon Apr 21, 2008 4:12 pm

It was esentialy what it says in one of those images

http://i280.photobucket.com/albums/kk18 ... 1iajlo.jpg

It also said that the properties are close to foreclosure and the owner is looking for people to take over the existing mortgage.

What caught my attention was that the prices listed were so low and the images looked so good that any sane person could actually sell those houses and pay off the remaining debt. Looks like a scam to me.
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Re: Distressed property owners in need of your help! hmmm

Postby Alan » Mon Apr 21, 2008 4:18 pm

This is actually the ad that was displayed:

http://s280.photobucket.com/albums/kk18 ... ter124.jpg

Again, I'm sure those deals exist, but not in Seattle and those aren't pictures of the properties. On the Lafayette ad it said that a refundable deposit was required.
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Re: Distressed property owners in need of your help! hmmm

Postby kbro2699 » Tue Apr 22, 2008 6:48 am

kbro2699
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Re: Distressed property owners in need of your help! hmmm

Postby Alan » Tue Apr 22, 2008 7:17 am

Hmm.. 419 scam. I didn't see that one coming.
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Re: Distressed property owners in need of your help! hmmm

Postby kbro2699 » Tue Apr 22, 2008 8:18 am

Yeah, anyone who sends money after reading their message almost deserves to get it stolen.
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Re: Distressed property owners in need of your help! hmmm

Postby TJ_98370 » Tue Apr 22, 2008 8:25 am

Does anyone know why these sort of scams always seem to originate in Nigeria?
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