Re: Is this a property scam ?

On Mon, 29 Oct 2007 20:21:49 GMT, dave xnet <davexnet02DEL@xxxxxxxxxxxx>
wrote:

I see quite a few listings in Craigslist like these.
They seem to be saying the home is near foreclosure,
and it's an opportunity for someone to lease and potentially buy
for the remaining amount owed to the bank.

Here is the exact text of one of the ads:

Title: $1200 / 3br - Southbay three bedroom home with views
"beutiful home, new carpet. fenced yard perfect for family
homeowner in distress, wants out of contract, unfortunatly cant make
mortgage pyments. nearing foreclosure. 40% of home is already paid off!!
need responsilble person to lease the home with the option of purchasing,
if payments are on time for 6 months....must see!! we also have other homes
in the surrounding area that need assistance...for more info call Bill
Gonzales..."

Read the ad carefully, does it say anywhere in the ad that the owner of the
house will sell for what's remaining on the mortgage? No. What the ad
says is that if a person rents the house for 6 months at $1200/month, then
they can purchase the house. That's all it says. What you would like or
believe it says is that you can pay $1200/month until the remainder of the
mortgage is paid off, and then the house is yours. But no, that's not what
it says. And even if it did, it wouldn't happen. It never does.
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