Offers to buy the house while in foreclosure - scams or legit?

[stanpendula]

B of A finally started the foreclosure proceedings (after 3 years) on our house. The house is abandoned, the principal is 360k, late payments and fees ... 90k. After the trustee sale was posted (September 2013), I started receiving tens of phone calls from investors who want to buy my house with cash, NOW.

If, by any chance, one of these guys gives me 450k to settle with the bank, can I sell the house instead of foreclosure? Are these offers legit or scams?

Thank you.
Stan

[bcohen]

The offers are scams, as the house is presumably not worth what you owe. If it was, then logically you would have sold it and pocketed your equity, rather than moved out and let it go to foreclosure. The "investors" looking to "buy" your house are hoping to get you to sign the deed over to them (still subject to the mortgage lien, of course) and then rent the house back to you. They are not looking to pay off the mortgage in full, when they could just as easily buy the house at foreclosure for far less!

[stanpendula]

The house is worth the 360k, but not 360k+(90k in fees). Plus I don't live there anymore, so renting back is not an option ... when I abandoned it it was 300k , but the prices are back up.
I usually tell them to buy it at auction.

[filingin08]

We've had offers on our house but usually at 1/3 of the value. So, maybe not a scam, but definitely not worth your time.