We Buy Land and Homes-Scam Alert

We Buy Land and Homes posters have recently sprung up in the south end of the county--here's what to keep in mind to avoid getting ripped off or worse. In the video below, a lien or 'caveat' against property is shown to be like an expensive 'virus' which must be removed before a sale to a 'real' buyer can be finalized. 
The 'seller' failed to read a 'subject-to' clause in the contract--watch the video.

• An average individual in desperate need of cash may become a target of recent move-in smooth talking 'predators'... who are thrilled to profit from anyone's 'down and out' financial situation.
•  'Equity Skimming' is one of the most common ways used to rip you off -- it starts by the seller transferring the deed to the 'buyer'.
• At times, all the victim needs is a 'short term' loan leaving the original mortgage intact--after you receive a quick 'payment'...you may be notified to make payments to the alleged 'buyer' instead of the mortgage company you were formerly making payments to--the buyer who now has the deed to the property, may rent out the property instead of moving in--and now is getting money from you and the renter.
• The equity in your home can now be used to get 'home equity' loans or other forms of financing--or they can re-sell the property without paying off the outstanding mortgage.
• The scammer ultimately stops making payments on the mortgage, and allows the property to go into foreclosure since they never assumed liability for the mortgage.
• Another version of the scam is the buyer makes a verbal offer for your property and you accept it--a few days later you get a formal written contract--because you believe it is the same offer you agreed to, you simply sign on the dotted line without reading the 'fine print'--eventually you discover that the written contract is not the same as the verbal agreement--now you are entangled in a legal battle for months or years.
• There are several other ways 'fly by night' scammers use to cheat victims--a scammer in 2008 posed as an heir to a fortune and even convinced some area cops to 'retire' because he had promised them high paying security guard jobs--as it turned out, the 'smooth talking' drifter was a prison escapee from Michigan...who had used several 'promise to purchase' land agreements during a cross-country escapade, until he was finally captured in Arizona.