 Posted 6/29/2007 2:51:40 PM
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| How does this type of transaction take place if there is not a lender involved? No need for a pre-approval letter? Pre-qualification? I think all transactions should take place through a real estate lawyer from the state in which the property is located? Would they send a check (what type?) to a lawyer's office? And, with a guaranteed letter of closing? I am a little skeptical of this person and I let them know it. They are still persuing. I don't know where they are located and they haven't asked to come see the house. They just want to know what my bottom line is if they are paying in cash. Any help is appreciated.
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Posted 6/30/2007 5:24:03 AM
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Had the same thing happened to us. We point blank asked if he had a printing press in the basement. He wanted to pay cash but wanted to know how low we would go or put a big down payment and have us hold the mortgage for the balance. We figured if the bank wouldn't lend him the money (with such a big downpayment) why should we take the risk and have problems of non payment, property damage and possible eviction later. If you are still interested...do everything through lawyers to minimize your risk.
Good luck!
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