The buyer will probably give you a cashiers check over the amount due and ask you to pay back the difference. Once the buyer has your money you will never hear from him again and you are out of several thousand $$$. (and your privacy, SS#, bank acct.#, etc)

Sounds like an elaborate "Nigerian 419" type scam or something.

Applenutbutter, any updates?

I'm wondering if perhaps their only income is the 'share of commissions' which would be paid at closing by separate funds before all the paperwork went down the toilet?...

Unbelievable!! I've had almost the exact same scenario happen to me... out of state, driving distance, no agent, full asking price, 2 years of payments, no inspection, title at the end. I don't trust this guy AT ALL... but, unfortunately, my mother (78 year old widow) does, and wants to go through with it. He won't give us a credit report. PLEASE tell me what happened in your situation...

Oh, please do tell me what ended up happening here...

bergness: what happened with yours?

Def. sounds like one of those Nigerian scams.

They also do it with highly sought after items, cars...........BMWs. They go on Ebay, Craigslist, newspapers and contact people directly. They even run scams with PUPPIES!

I with Berniek on this one. RUN!

It could be a Contract For Deed, which is a legit deal. Usually people who have a good self employed business or some other form of money coming in, but can not show a lender any income on tax returns. I have a client right now that may end up doing a Contract For Deed deal. He has plenty of monthly cash flow but does not claim any on tax returns as income, hence he can not get financing.

My home was paid for and land contract holder sold my home from under me. I can't find one attorney in my area to help me, any suggestions.

Who held your land contract? Are you saying you owned the property (air) above the land, but not the land itself, is it leased land?

Was it Native land on a lease that ran out?

Did you have the contract recorded with your county? In many places a land contract is recorded and would prevent this kind of thing.

it is a scam. I dont remember all the details but it has happened here on at least one occasion. The "buyer" gives you a cashiers check for whatever amount. (usually significant). You deposit or cash it. A few weeks later, they say, something happened, they cannot go thru with the deal. You give them back a portion of the money they gave you. They walk away with thousands of your dollars. By the time you and your bank figure out their bank check is a fake, they are long gone.

didnt realize this post was 3 years old. Oh well, hopefully, it will help someone.

"A few weeks later, they say, something happened, they cannot go thru with the deal. You give them back a portion of the money they gave you. They walk away with thousands of your dollars. By the time you and your bank figure out their bank check is a fake, they are long gone. "

Are you saying it took the bank a few weeks to find out their bank check is a fake? How could it possible at this day and age? In addition, my bank would not even allow me to cash out a check wrote to me before they are positive the check is fully cleared.

Its not a personal check its a money order or a bank check. They all look legit. It is not. They give the seller the "bank check or money order". That person deposits it in their account. A short time later, they say they cannot go thru with the deal. The seller then gives them one of their checks or a money order for most of the money, minus something for their troubles. The buyer is then history with a good chunk of the sellers money. Once they figure out the bank check or money order that was deposited is fake, its too late. They are gone.

No, I am not convinced. It sounds like an urban legend.

Banks and financial institutes should have more stringent process to authenticate money orders or bank checks instead of just by "they all look legit".

Hope some folks working in financial/banking industry could chime in.

Azmom, Im not trying to convince you of anything. It definitely is not an urban legend as it has happened here. Actually, this type of thing is happening on craigslist all the time. I know of another woman that accepted a money order for something she was selling on craigslist. She deposited it, a few days later the person said they couldnt pick up the item and needed to be refunded. Since she had already deposited their bank check, she had another bank check written out to them, (a real one). They got "real money" for the fake money they gave her. Once her bank figured out their bank check was fake, she was out the money.

You need a pretty gullible mark for that scam to work. I guess there's no shortage of gullible marks...

It's not an urban legend. Although it hasn't happened to me as a seller of my homes, as an artist I've been approached numerous times by these scammers wanting to "buy my art". Usually after I tell them I only accept paypal, they disappear back into the woodwork.

Yes I paid taxes and for home. I paid more than what it was worth I was a fool because I didn't know anything. I didn't think he would do that to me, I knew him for a long time I rented from him for years.

Did you have a lease to buy contract or did you buy the house outright?.

I had a contract