anyone heard of this

of this before

I know it's illegal in Arizona to re-rent a home back to the homeowner if you helped them out of the home. I would imaging it would be illegal to do an auction n split the profits. If they were to find out, he would be in big trouble (I think). Then again, correct me if I'm wrong about this.

the investor can do what he is doing since the investor is not becoming the owner and paying the old homeowner. Very creative but it could come back to bite him if he ever becomes the last bidder standing.

I haven't seen many homes selling for over what is owed on them at auction these days. Homes with equity usually don't make it to the auction in today's market.

I too thought you could certainly put yourself in the winning bid position and then what...its yours.

On the other hand, yes very creative and split the overage with the defaulted owner.......I was wondering if it was legal or not.
Thanks again!!

Mike

It depends on the state and local laws. Plus what the auction companies policies are.
Heard and watched it done. Owner set up 3 investors and stayed out of it. When the bidding was over the 3 came to him and all _ell broke loose. Owner was cuffed and stuffed. Sheriff declared the auction invalid.

House is worth $50k

Buyer won bid for $75k

Split $25k with previous owner

I see nothing wrong with this. Who's to say the bidder isn't a friend and just wanted to help out his buddy???

Remember this 'reason' if..........