Complaint / review text:
They placed an ad on Craigslist.org for rent to own property. When you call the number they say the ad was wrong and they help you find a home, but for thousands less than what you can find using a realtor. They explain they have a listing of thousands of homes that are ready to go into foreclosure and they can help us purchase the homeowner's home and a very reduced price. No qualification, the only rule is that your income needs to be twice of what the homeowner's mortgage payment is. They also mentioned their service doesn't consume a lot of our time and an example he gave was they had customers that were truck drivers and never home, but they were able to purchase homes using their service. He also mentioned if you're not happy with their service you can get a refund, that's why they prefer we use a credit card, so that they can easily credit back our credit card.
I paid $199.00 for their service and immediatly found the property listed is at a much higher rate. When I called them they said you can help out the homeowner by taking over the balance of their loan. I explained to them the balance of their loans are no less than $50k higher than the houses i've been looking at with my realtor in the same area, and I couldn't possibly afford one at that rate.
Also, I found that we're expect to do most of the work ourselves. It says at their website that we need to send the homeowner a pre-written letter that they have at their site, and we just fill in our name, and once the owner replies, the reply will be to their company and they'll let us know the homeowner is interested in making a deal. It's then up to us to schedule a meeting with the homeowner to see their property and negotiate a deal with them. I don't have the time or experience for this. I asked for a refund and they said I must first use their service for 90 days, and then show them 5 letters where the homeowner rejected my offer. Obviously I wouldn't be making any offers because they're way beyond my price range, nor do I have the expertise to deal directly with homeowners and negotiate a deal with them.