There is another round of schemes on the internet that are too good to be true and now it’s in the form of a rent to own houses posted on Craigslist and other similar sites. The homes are posted with rates that are lower than their market rates and they claim that you will be taking over their mortgage.
There is this post on Craigslist for a condo unit in Saratoga that is just $350 a month because they said the unit is going to be foreclosed but the tenant of the house could be its owner if they take over its monthly mortgage. They don’t post any further information of the unit; not even an address but they only post an 800 number.
The 800 number is already a red flag. When you call the number, you’d be told that further information is available if you go to a site where you need to sign up for their three day trial. Then, if you want further information from other units, you’ll need to pay an even bigger amount for subscription.
Their style is to lure you by baiting you with a too good to be true ad then will give you further information by signing up for a fee. The more people who got curious, the more money they will earn from new members.
These types of ads have red flags everywhere. First of all, the ads do not give enough details then the rates are much lower than the market rates and lastly, the 800 number is a big red flag. Everyone should be aware and only consider offers from legitimate ads.
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