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.
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.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Do you have a question you'd like to ask me for free? Go ahead and click here.
- Plastic Pandemic: US Credit Card Debt Surges Nearly 20% in Q1 2021! - May 12, 2023
- The IRS Resumes Collections Notices: What You Need to Know Before It’s Too Late - May 12, 2023
- How Can I Deal With Payday Loan Debt? - May 12, 2023
Asked question about selling house.
Answered.