Yeah. It's a real thing. Usually it's a home that can't pass an inspection. Before you wet your pants, it might be an older fusebox instead of a breaker panel...that's why we got an owner contract on our house. Something like that. Not like alligators in the basement.

It's still a contract. The mortgage gets paid to an escrow company who writes a check to the seller. You shouldn't even have to come into contact with the sellers.