Found in newspaper ad.
2006-06-18 09:18:49 · 7 answers · asked by Soul_searching 1 in Business & Finance ➔ Renting & Real Estate
What they really do is buy a house in your name so they have to use your credit. Once the loan is closed they make you sign a quit claim deed transfering the title in their name. For doing so they compensate you.
Now here's the catch. since they are using your name they are making money on commission and then when the sell the house they will make even more money. What they pay you is anywhere between $1000-$5000.
They are in a win win situation. You be the judge if you want to do this.
2006-06-18 11:45:35 · answer #1 · answered by ap4homesandloans 2 · 1⤊ 0⤋
Sounds like they are having it bought in your name. When the buyer defaults, they would come after you. There was an article in the local paper here about people using other people's credit to buy cheap houses at inflated prices. The seller kept the money and disappeared. You do not want to get involved in this
2006-06-18 09:49:39 · answer #2 · answered by kadel 7 · 0⤊ 0⤋
In order to invest, most people need to borrow money, in which case a good credit score is needed.
2006-06-18 09:27:24 · answer #3 · answered by daisymaewilcott 1 · 0⤊ 0⤋
ILLEGAL!!! Stay far away from this. The money that you make on this will not be anything worth the trouble and the money that you will owe in the long run in fines. I can assure you, you will get caught sooner or later.
2006-06-19 16:10:15 · answer #4 · answered by Kaz 3 · 0⤊ 0⤋
Stay away from that.
Very illegal to "straw purchases".
I am a mortgage broker and have read about folks who did this and ended up in jail.
2006-06-18 09:27:55 · answer #5 · answered by J W 3 · 0⤊ 0⤋
Thats a sucker trap for idenity theft ,don,t let no one use nothing that can identfiy you as the owner
2006-06-18 09:29:23 · answer #6 · answered by howaboutit99@sbcglobal.net 2 · 0⤊ 0⤋
That sounds fishy.
2006-06-18 09:21:40 · answer #7 · answered by Ray 7 · 0⤊ 0⤋