has anyone in Cleveland Ohio heard of a company called Century 22?

Question

there is a company stating that they will buy your home that is in foreclosure etc. and then sell it back to you at a reduced price. is this legitimate? are they for real or is this a true scam? example; your home is in foreclosure you cant make the payments; instead of losing your home they will buy the home then re-sell it to you after they put in on the open sale market for 30 days at a higher price. you pay them cost of appoximately $295. this sounds to good to be true.

Answer 1

Of course it's too good to be true. Do you think they are just being kind by essentially losing money to benefit you? I've never heard of them but there's gotta be some way in which they are profiting, at someone's expense. Either you, the bank or the government.

Answer 2

Sounds like they used to be a Century 21 office and went bust....

While it's possible that it is a legitimate operation, and there are a few ways to protect yourself, there's no sure fire way to keep from being scammed.

First of all, they want to turn a quick profit and get out. If they can't do that, they might be happy to turn it back to you for their cost, but that isn't what they want to do, they want to sell YOUR equity. Your cost is going to be higher than 295 though, you do have to move out and back in for it to be real, and you'll have some other closing costs.

Bear in mind that foreclosure in most states isn't the end of the relationship with the bank. They'll sell the house, and if the auction brings more than the debt, you get the overage. Of course, if it brings less, they want you to pay that. While you'd avoid a foreclosure on your record, you're giving up any chance of getting even a fraction of your equity.

Basically if you're in foreclosure you're in a really weak position, so it may not be a matter of avoiding a bad result, it may be a matter of choosing the bad result you can best live with.

Answer 3

not really