Should I let this investor but my house?

I have had an offer from an investor on my house, but he wants to obtain the loan amount for the appraised value of my home and pay that for it but then have me go to the bank with him and cut him a check for the amount over the price that I agreed with him on. Why does he want to do this? Could I possibly get into trouble or could he swindle me on this deal? Has anyone had experience on this?

This might not be a shady deal. Let's put some numbers to this. Let's say your house appraises for $120K. But you agree to sell your house for $100K (I won't sell a house for less than the appraised value but maybe you want to sell your house) So the buyer gets a mortgage and pays you $120K you pay off your mortgage deposit the rest. Then you write the buyer a check for $20K. Basically, paying the the buyers closing cost.

If you want to sell your house consult a broker, agent for lawyer. If you don't feel comfortable with the deal walk. There are plenty of buyers.

Have this person checked out through the local police. I was in real estate and something does not sound right here. If someone is buying your house, then they are paying you for it. There is no reason I could think of that you would give him a check for any reason. I believe the law is still that you have 3 days to have an attorney revue the contract (there is one - right?) and your attorney can anytime in that 3 days cancel the contract with no further obligation on your part. This person sounds very shady, especially if they object to other people getting involved, like an attorney, a real estate agent you choose, a mortgage agent you choose, a banker you choose, etc., in other words, someone you trust.

Get a real estate agent or a lawyer. A real estate agent typically asks for 3% of the selling price of the home. That money comes out of the money the buyer gives you. You can negotiate with the agent for a lower commission rate.

This might be cheaper than someone ripping you off for thousands of more dollars. A real estate agent maybe able to sell your home for more than its appraised value aswell.

Most lenders will not allow a buyer to leave the closing table with cash from the transaction. In that light, yes, it sounds like something is wrong here. If it is on the up and up the buyer won't mind having the full purchase price disclosed and having the money that is coming back to him showing on the HUD-1 statement at closing.

The reason he wants to do this is because the investor is basically controlling your property with no money. He will finance his purchase and put money in his pocket as well. He will probably then sell the house at fair market value or flip it using a lease purchase option (even more money for him).

If you are willing to sell your house yourself, then you should protect yourself. Don't directly give hime the check nor sign over the property to him without consulting a real estate lawyer. The question you have to ask is "What if his financing falls through and he is unable to purchase the property?". Hopefully he doesn't have a cashier's check or control of the property from you at that point.

why don't you sell your house for the appraised value to someone else and not worry about if the deal is shady or not.