Are “Buy House For Cash” Programs a Scam Or Solution to Foreclosure?
Buy house for cash programs offer benefits to both buyers and sellers. This type of real estate transaction provides an opportunity for homeowners facing foreclosure to get out from under their mortgage note, while allowing buyers to obtain a great real estate deal. Homeowners who seek out buy house for cash programs generally need to sell their home within a short period of time. In most cases, they are facing foreclosure or need to sell their property in order to satisfy a short sale agreement. Short sales are a type of real estate transaction which must be authorized by the lender. The bank agrees to accept less than is owed on the mortgage note as long as the homeowner can locate a qualified buyer within a specific timeframe. The primary reason homeowners engage in buy house for cash programs is because they are unable to locate a qualified buyer. With today’s credit crisis, banks simply aren’t lending money. Add in skyrocketing unemployment and economic recession and it is easy to
