I'm no expert but your friend sounds right. They can't afford it. I sold my house last year and had a couple of people trying this, or another angle is they've got 2 loans worked up to try to cover the note. The most likely oucome is that you'll waste your time with them and in the end the deal will fall through because they won't get the other loan they needed to get the deal done. My agent just laughed those offers off and we went with somebody who could actually close the deal and we both got something on closing date that we wanted: CASH.