There is a new kind of investor on the block – one that is stepping in to help homeowners in trouble with their mortgage. They want people who purchased their homes seven’ish years ago and have some equity built in. They are there to take it off the homeowners hand and will in turn lease it to someone else until the housing market return. From Jeff Pearl, a RE/MAX agent in Leesburg, Virginia,
They claim that there is no need for owner to worry about the ” Due on Sale” clause which is usually in mortgage docs. And in some cases they claim they will pay the owner $5000.00 to help them move out of the property. Oh, and their sales pitch to real estate agents is that they will let the agents that find them properties list the properties for sale 3-5 years down the road when they’re ready to sell. I see many risks for both investors and owners. I think any owner that is approached with this should consult with an attorney…
Seeking legal advice is an outstanding suggestion, sir. Especially given the desperate state the homeowners must be in to prevent them from making a rash decision they’ll regret later.
Leave a Reply