Are todays No-Money-Down offers scams?
We bought a house in Providence 5 years ago that we aren’t likely to be able to sell for what it’s legitimately worth right now. I got a job in Boston, so we moved to the South Shore and are renting a much-too-small house in a community we really like. Unfortunately, our net worth is tied up in the Providence house we can’t sell, so we don’t currently have a down deposit to purchase. There’s a house a few blocks over that has potential and is for sale – it’s bank-owned and has popped up on a website that claims it can sell this house for no money down. We’re not jumping on it – we still have months left on our rental lease, but I’m wondering if in today’s market, any no-money-down program is really a good idea. Our credit is good and I’m a lawyer – not real estate, but I can read the fine print no problem – but I don’t even want to get my hopes up if it’s not worth the effort. Thanks so much for any insight you can offer!
