Verified answer

I gave a fuller answer on the link below.

Make sure you are aware of all of the Liens on the property before you buy and make sure that they actually move out and you replace the locks before you give them any money, they also have to sign a legal form that they are handing the home over to you. You have to pay off all of the liens as well as the mortgage before you buy. Also only pay them a small percentage of the actual profit you might make, 5% Max

Be carefull out there, take advice.

http://answers.yahoo.com/question/index;_ylt=Aswmz...

Make sure you get in contact with the sellers bank! If you start to get your loan approved etc, and the bank doesn't know about it - it could turn out that they foreclose on the seller, and you will be high and dry. Banks don't want to foreclose unless they really have to - they will usually work something out, or give some extra time if someone is getting loan approval etc.

Also make sure to tell your lender what the deal is. That way they are aware, and can work with the bank the seller owes, and get things done in a timely manner

Good luck!

get a broker. this could easily be a scam.