None of us can see the future but we can pay attention to what is going on in the world and make some predictions. I just found this on the Minnesota Home Ownership Center web site:
“Recently we’ve seen consumers with:
- dangerously designed Contracts-for-Deed;
- loan products with Debt-To-Income Ratios of more than 55%;
- buyers who have been asked to bring cash to closing to cover lender and agent ‘expenses.’ (Yes, actual cash, in an envelope, not included in any of the disclosure statements, if you’re wondering).”
I have seen this before. People who are almost desperate to own a home are taken advantage of by unethical lenders and real estate agents. All I can say is that if it seems too good to be true it probably is. There is free advice and help for homebuyers from the non-profit Minnesota Home Ownership Center.
If you are buying a home and anyone asks you to bring cash to the closing in bills be very suspicious.