by perplexd » Sat Jun 16, 2007 9:45 pm
I think these are just fronts for agents. I actually bought my first house from an agent via a very similar web site in 2001. Basically, they pitch it like a 'deal' to get people who don't think they can afford a house interested and talking to a realtor.
Of course, there is no real "funding" other than rolling all your closing costs into the loan and starting you out on a super-affordable teaser rate.
In my case, I just wanted to check it out, but I also wanted to buy a house anyway (and chose one I could afford without an ARM), and since it was my first house, I was fine with the Windermere agent who netted us as her catch. I actually think she was pretty good for an agent, even with what I know now, but I still am using redfin to sell that house right now.
I should be hearing about my inspection counteroffer in the next couple days so I can wrap this sale up and start renting.
“Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money.” - Daniel Webster