DET Properties, LLC

Has anyone heard of this company?  They offer to buy your house regardless of Equity, condition, etc.  What's the catch?

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Permalink Reply by Jeff Payne on September 13, 2011 at 6:25am

Anyone who offers to buy the home regardless of equity, condition, etc has a "catch"  Say I am 100K upside down on my mortgage, how in the world do they buy it?

Beware, be very ware!!!!!!

they will most likely ask the seller to deed the property to them which would violate most due on sale clauses. 

Permalink Reply by jennifer mullen on September 13, 2011 at 6:28am
That's what I thought but was wondering how they get people to do something so stupid.  :)  Thanks
Permalink Reply by Jeff Payne on September 13, 2011 at 6:38am
People do strange things when they are under duress and when they are desparate.
Permalink Reply by Jeff Payne on September 13, 2011 at 6:39am

I googled them, are they from California?

Permalink Reply by jennifer mullen on September 13, 2011 at 7:21am
Yes they are.  A friend wound up on their mailing list and was asking.  They say on the website that they aren't doing short sales and that has never made sense to me.  How could you buy something regardless of equity?
Permalink Reply by Smitty on September 13, 2011 at 7:10am
Guys, before you jump to conclusions, CALL THEM and find out.   Maybe they are rehabbers?  Maybe they are short sale investors?  If the house is $100,000 upside down, all they have to do to buy it is a short sale.  I know there is a stigma to the "We buy houses" signs etc., but many are legitimate companies.  Call them up and ask a few questions.  They may wholesale real estate.  Who knows?  Call them up and ask, "Hi, I saw your company ad at XXX and I'm just wondering if you can explain to me how your company works?"
Permalink Reply by Joshua Gayman on September 13, 2011 at 3:06pm
My guess is that they are investors. A true investor will buy just about anything at the right price. If you are upside down they will still buy your house if it can get approved as a short sale at a price they can make money on. There are a lot of scams out there however and I agree that people do very strange things when under duress, so it is important to always verify things.

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