“We buy homes” signs don’t provide the relief they promise

Rachel Dollar —  August 19, 2015 — Leave a comment

Scammers are trying to take advantage of struggling families by promising to buy homes for quick cash warns the North Carolina Attorney General.

These scammers send postcards and put out signs proclaiming, “We buy homes!” But rather than buying houses as advertised, most of these companies will try to convince you to sign over control of your home. The company then leases the property out to a new tenant. As a result, you lose rights to your home but remain on the hook for mortgage payments. Homebuyers or tenants can also be hit hard by these scams, which can advertise homes in deceptive rent-to-own agreements for big upfront fees.
Before you reply to a “we buy homes” ad, the North Carolina Attorney General advises that you remember:

  • These companies aren’t likely to pay cash for your home or help secure a fast payoff of your current mortgage.
  • Beware of anyone who asks you to sign over the title to your home based only on their promises to sell your property.
  • If you’re struggling to pay your mortgage, speak with your lender directly. If you are in North Carolina, you can also contact the State Home Foreclosure Prevention Project for help at 1-888-442-8188.
  • Prospective tenants and buyers should never pay money upfront before signing a lease or contract. Work with a real estate or leasing agent you trust.
  • In rent-to-own agreements, always confirm that the person you’re signing the contract with is the owner of the home.
  • If you think you’ve experienced a “we buy homes” scam or have questions about mortgage help you’ve heard advertised in North Carolina, please contact our Consumer Protection Division at 1-877-5-NO-SCAM or online at www.ncdoj.gov.

And remember, although this alert was issued by the North Carolina Attorney General, foreclosure rescue happens across the United States and Attorney General’s advice is equally applicable in other states.

Rachel Dollar

Posts Google+

No Comments

Be the first to start the conversation.

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>