Real Estate

RentBro Becomes Sell My House Fast. Should I Use Them?

Written by Steve Rhode

Question:

Dear Steve,

Its been a long while since I wrote to you last. I am writing regarding “RentBro” and its 2 constituents who have been taken down by the FTC back in 2013.

These 2 guys have now opened a business called “Sell My House Fast” and I am considering doing business with them. My question is: Have you heard anything more about these 2 since 2013; I don’t know how legitimate they now are. As I am in foreclosure, they are offering to buy my home (worth $190,000 – 210,000, fix it up, sell it, pay my BACK mortgage payments I have missed, and give me $30,000 cash. After reading about their “TEXT” scam, I’m questioning their attentiveness. Any feedback? Thank you.

Lois

Answer:

Dear Lois,

It sure sounds like you need to ask more questions. Here are some links on how to check out a company.

I would recommend that anyone considering using such a company should read How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off

It’s hard to research a company named “Sell My House Fast” since it is so generic. You would have to check with your state Division of Corporations or follow the advice in my posts to see if they are even registered to do business.

In general, there are things to be concerned about with such a relationship. Are they really buying your house or are you being asked to do a title transfer where they now have title to the property and you still have the mortgage? I think this falls into the category of if it sounds too good to be true, then it probably is.

In my experience, people who target disadvantaged consumers generally have ulterior motives and find some hustle to put one over on people.

According to the FTC, the guys behind RentBro were Daniel Pessin and Jacob Engel. I’m not sure if that’s the same guys you are dealing with now.

READ  Remember the Spam Text Warning? FTC Shuts Them Down.

There is no way to know if the agreement they are asking you to sign to do business with them leaves you legally exposed without running it past a real estate attorney who is licensed in your state.

Additionally, without talking to several local real estate agents you don’t have any idea what the current market value of your property is if you sold it quickly.

There are ways to slow down a foreclosure to sell it.

Let me know what you discover in your research and what you decide to do.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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