Webuyuglyhouses or other "investor" sale comments?

[KevFinnerty]

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Does anyone here have any experience with places like [removed URL's]

It seems to me that these places are for last minute desperation "I need to sell today" only after all other possibilities are exhausted and foreclosure is rapidly imminent, and that homeowners (like me) facing foreclosure with a few months to go would do better putting their houses on the market themselves & dropping the prices as needed to try to sell, rather than get hit with these guys extreme lowball offers.

Or am I missing something???

[bulletproof77]

It's kind of a scam...You sign the house over to them, they control the property, you get NO money and legally are not relieved of your note. In southern California, these houses have been used as "instant rentals", drug houses etc..Nothing gets you out of your note except Chapter 7.

[KevFinnerty]

Thanks for commenting. I've heard similar stories but it seems to depend on what "investor" they hook you up with, what his deal is, what you sign over, how alert you are as to what you are actually getting into etc. Seems to vary widely as to what types of offers or arrangements you might actually get and on how you allow yourself to get taken advantage of (or not).

Does anyone here have any personal experience with them, or these type of places, either good or bad?

[calgirl67]

They are not all scams. Some are merely rent to own companies where they do not ask you to sign over your deed, they just buy your house on a lease option contract then sub-letit to someone else. In a year or 2 your house sells to the renter and you get your money.

Some of the "we buy houses" have different set ups and you would want to be very careful about understanding what you would be doing. A trip to an attorney would clarify this.