Good Information Articles

Buying a Home - The Phantom Offer

After a long and exhaustive search you have finally found the house for you so you instruct your real estate agent you put in a offer for you. You are told that there are no other offers on the property so you think your chances of getting it are pretty good. But when it comes time to present your offer your are told that there is another offer and it just happens to be ?better? than yours. But is it real?

Are you familiar with the term phantom offer? By the time you finish reading this article on phantom buyers and sellers, you will know a few tips and tricks to protect yourself against this false offer.

A phantom offer is an offer that really does not exist. It exists only in the mind of the person making it. While phantom offers are not common practice, you will find it more prevalent in a hot real estate market where it is easier to fall susceptible to it.

Here is a scenario of a phantom offer created by the seller themselves. You come in and make an offer on a home, and suddenly there is another offer better than yours.

In this scenario, the seller will try and drive the value of the property up to get you to increase your offer. They may go so far as to actually create a phantom buyer.

With a phantom buyer the seller will actually create an imaginary person with good credit. They will create a fake contract that includes a higher price than what you have been offering. However since you are not allowed to actually see and read the competing offers you cannot really tell if the offer is legitimate.

If they have an accomplice it might include a mortgage broker used to create an identity and credit of a real person who was not able to close on the property. All of this is all designed to drive your bid price up.

Another problem a phantom offer can present to you is more than just money. You may have to go in and eliminate some of the conditions of the contract that you were hoping to get.

For example, you may not get the closing date that you wanted. You might not get the seller to making improvements prior to closing, or have a condition on a home inspection and so on.

The thing about phantom offers is they are illegal. They are used strictly to drive the price and conditions of your offer up.

There is another scenario that a phantom buyer could be created. In this scenario, a third party can create a phantom buyer.

The sole purpose of this is to defraud the lender themselves. What happens is the seller offers a property for sale and a buyer offers to pay more than the asking price.

The settlement includes payments for unperformed services for unrecorded mortgages. The buyer takes title in the name of an individual with good credit and the seller doesn't realize he's been involved in a scheme to defraud the lender.

Most phantom offers involve the seller and really are trying to take advantage of you when it comes to buying their home. Always get the opinion of your real estate professional as to what to do in these cases. Their expertise will help you to not fall victim to these types of scams.

Larry Lloyd is an Ajax Realtor who specializes on the Durham Real Estate market. Feel free to contact Larry and his team when you are in the market for residential homes Durham or for any questions regarding the current real estate market.

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

MORE ARTICLES:

New Home Based Travel Businesses and Training Available for Retirees and Work-At-Home Parents
Affordable training is now being offered for those wishing to set up their own home based travel businesses. Program offers participants everything they need to get started quickly and affordably in this exciting market.

The Best Internet Connection For A Top Home Internet Business
When it comes to working at your home business one of the most important things you will need is internet access Having a fast and relatively error free Internet connection is imperative for a person to be successful in working at home

SoGoNow.com -- Home of the Best Travel Article Written for the Internet in 2006
SoGoNow.com travel magazine announced that frequent contributor Linda Fasteson has won First Prize for the Best Travel Article Written for the Internet from The North American Travel Journalist Association.

Online Magazine is Home to the Best Travel Writing on the Internet
For the second year in a row, SoGoNow.com is the home to the best travel article written for the internet as judged by the North American Travel Journalist's Association.

Internet Marketing Business - Your Home Based Internet Marketing Business and the Freedom Attached with it
There are various reasons why there are many individuals who want to start their own home-based Internet marketing business. Some are saying that the amount of money that they are earning from Internet marketing is higher compared to their monthly salary from their regular work. It even comes to a point that they are earning money similar to or more than the salary of their managers and department heads! This is relatively true, since there are Internet marketers who are earning as much as a hundred thousands of dollars within a month.

Work At Home Internet Home Business Opportunity
There are various opportunities for work at home Internet home business opportunities on the Internet Because of the Internet, there are many opportunities for people to be able to take care of their families and work from home and as well

Low-Income Families in Portland Will Soon Have Free Broadband Internet at Home
Cricket Will Provide Free High-Speed Wireless Internet to 100 Portland Families in Pilot Program with One Economy

Family Circus - Make Time For Family With An Internet Business
Sometimes, it seems like you don?t have a full 24 hours in a day. Between work, family, and sleep, there is no time for anything else. You never seem to have five minutes to relax, and on days when work requires overtime, you lose time with your family. In fact, it seems you never spend quality time with your children anymore. One way to get your life back under your control and manage time better is to start your own internet business. With an online business opportunity, you can decrease your work hours overall, as well as become more flexible and available for your family.

Family Travel at its Finest - European Villa Rentals Perfect for the Whole Family
Parents can easily find family friendly villa rentals in Europe with Rentvillas.com.

Families Mourning Children Travel to Nashville for July Compassionate Friends National Conference
The Compassionate Friends self-help support organization for families going through the natural grieving process following the death of a child is hosting its 31st national conference July 18-20 in Nashville, Tennessee. More than 1300 parents, siblings, and grandparents, as well as professionals who provide support, are expected to attend the conference. Highlights include well-known speakers, more than 100 workshops covering most aspects of grief following the death, a pre-conference Professional Outreach Day, and the Walk to Remember Sunday July 20 at 8 a.m. This conference is annually the largest in the United States aimed specifically for those left behind following the death of a child.

Home Internet Business Opportunities: Reinvent Your Family
Think about your daily job, daily responsibilities, time spent at meetings, driving your kids to this activity and that sporting event, meal planning and preparation, house cleaning, on and on with our grossly busy lives, and what time is left for our family? Do you really think that 9-5 JOB is the answer to all of our hopes and dreams? Do you really think it was our personal goal to spend the majority of our lives at work? When was the last time you saw your son/daughter play in that school volleyball game or run in their cross country meet? Isn?t it time to put your family first?

Travel Insurance When Pregnant Or Traveling With Children
There was a time when pregnant women would avoid traveling altogether, but these days women don't let pregnancy stop them from going abroad and having fun. Only you can decide whether the pros outweigh the cons when travelling while pregnant or with small children.

Internet Home Based Business : Legitimate Work at Home Jobs Opportunities and Advantages
There are many advantages involved in choosing an internet home based business as your primary or secondary source of income Use these benefits to find a legitimate work at home jobs that suits your needs and desires

Work From Home - Online Resource Center for Home Based Online Jobs and Internet Based Business
Welcome to Work from Home?s ?an online guide and resource website to help you Start and grow your Home based Job and Business. Please note that we are only offering information on Work from Home Jobs and Business opportunities. We are not offering you a job or a business tie-up. Please read through the website as you will find valuable information and resources to start and grow your home based business. www.homebasedonlinejobs.com