Back was hurting. Couldn't sleep. Here's what I did.
You know those ugly yellow, or orange signs you see stapled to telephone poles all over your town? They might say "So-and-so buys houses fast, for cash! 555-5555" Yeah, I actually go all over town and clean that crap up. Just rip them down and throw them away. They really bug me because it's such an obvious scam. It's kind of become my crusade.
I know it doesn't seem like a scam at first, I mean who am I to determine how someone else sells their house right? The thing is those phone numbers are always protected/routed so you can't research the person doing the 'buying' before hand. I mean, what kind of legitimate business just gives you a phone number with no credentials? That's your first warning sign.
Then if you do happen to get a call back, what will happen (this is what I've read), is they will want to see the house immediately. The first question asked will be 'how much do you owe on the mortgage?'. After a quick 'inspection' of the home, the 'buyer' will come at you with an offer that is about $1-2,000 over the remaining mortgage, no matter the actual value of the home. If you agree, they will get you to sign some quick agreement in writing, telling you that they will return with an actual 'contract' with all the details. Now, I've read that this is where you get screwed, because the full contract will have some changes in the original deal. The buyer 'thought it over' some more and had to reduce the offer amount etc....All the while pressuring you to sign, because you can have the cash in a couple days (BECAUSE THE GUY HAS A LINE OF CREDIT HE BORROWS AGAINST).
Alot of the time they promise to pay the mortage for you as well, but end up not doing it, so you'll get your cash and think you're scot-free, and then 6 months later the bank is hunting you down wondering where their money is for the house. Bottom line is this is just a massive scam and dirty 'business' and NEVER EVER get involved with it. In fact, I encourage everyone to always rip these signs down when you see them in your town. If I were involved with any social media sites, I would love to start a national movement of people to clean up this trash from your own towns. Run these scammers off.