Bad Apples
Today was a horrible day! Young woman calls me out of nowhere telling me that she has a house that she is losing in foreclosures and she needs help. Nora tells her to come over and her story just made me sick.
It turns out that some guy offered them some quick cash, put a house in their name, cashed it out, pulled $60,000, gave them $8,000, never fixed the house (it looked horrible) and vanished after making two payments.
Payment on the house is $2,000, they cannot afford to make it and now the house is in foreclosure. I was furious. I mean, why screw people when you make money the right way in this business. Cash back at closing is pretty common in creative real estate but this is outright wrong. I have done it in the past. But you have to come through on your promises and not let people leave hanging in the middle.
I am going to negotiate a short sale to save this lady's credit. This is going to be a really interesting conversation with the lender once I explained to them what is the condition of the house is!