A good real estate deal or a big ripoff? You decide

PORTLAND, Ore. - In this tight real estate market, sellers and buyers are looking for an edge but others are looking to make a buck.

In our latest 2 On Your Side investigation, we focus on a business that was started by a teenager who says everything is on the up and up.

Nick Cook, who is now 21 years old, runs Intuition Real Estate Group and operates a Web site where he says he sells homes quickly for no cost to sellers. He also puts out flyers across the city that make the same claims.

A woman who signed a contract with Cook would not talk to KATU News but when we looked at Multnomah County tax assessor records for her property, we discovered she might have been scammed.

The records showed the woman's house was worth almost $227,000 but Cook talked her into selling him her home for less than $175,000. In return, he gave her $10 - in essence giving her just $10 for over $52,000 in equity.

"He tied it up for a low price and was going to sell it for a higher price and get all of the profit," said Nancy Steffen with Transnation Title Agency of Oregon. The paperwork on the home came across her desk.

When we asked Cook about the deal, he told us the woman knew her house was worth more than what he offered her. He said he has made at least 10 similar deals and his customers are happy.

Cook would not say how much money he has made but said he has been in business since he was 18 years old and operates out of his parents' home.

Cook e-mailed two letters to KATU News that he said were testimonials from happy customers. KATU News is trying to verify the validity of the letters.

As far as we can tell, Cook has broken no laws but real estate experts say this is the type of home buying and selling scheme they often see in the market when sales are slow.

"Be very wary of anyone," said Steffen. "Be very careful and check them out."