Educational Consumer Tips
Author: Better Business Bureau
There are many companies that operate by purchasing and re-selling distressed real estate property. The purchases are typically made through private investors. Often, the firm advertises by stating: "We buy homes for cash." Those whose property is near foreclosure should contact the mortgage holder before entering into contract for sale or salvage of property. There is also a NO CHARGE counseling service provided by U.S. Department of Housing and Urban Development (HUD) by calling 1-800-569-4287.
As with any business transaction, the BBB advises investors to ask questions and do research before investing. Get written copies of the company's contracts, marketing plan and sales literature. Ask for and check references of others who have had experience with the company. It is also advisable to seek legal counsel to review all potential legal documents prior to proceeding with any investment opportunity. Be sure to fully understand any new or innovative investment opportunity.
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