What is a 3rd deputation that buys houses out of foreclosure and resells?

I saw a house today at a amazingly correct price, but it desires seriously of elbow grease put into it. The guy showing it to us said that a 3rd deputation (him I guess) bought it after the wall repossessed it to take-home pay rotten the loan and resell it. He said that if they can't find the money stern out of it.. the 3rd event business can wallet the money lost and catch it stern through the insurance company.

Is this true? I've never hear of this arranged back.

Answers:
These are investment companies. Sounds resembling a scam to me. I've never hear of an insurance company paying for something because someone made a poor business outcome.
Never hear of this occurring. He could hold be the buyer or be working for the buyer to show the property. Maybe the third bash is some type of investment trust, but still enjoy never hear of acceptance "lost" money from an insurance company (unless they are planning to burn the place down!).

If you enter into a purchase contract, own the home inspected thoroughly by a well-recommended inspector. I smell something fishy.

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