Does this listing look too good to be true?

[Lauren Wilrich]

Hi All!

My family is looking to get into rental properties. This single family property is listed in the Houston area with the following message to prospective buyers: 

PLEASE READ EVERYTHING FIRST BEFORE REACHING OUT: Hello there potential buyers! This great home has been reduced in price specifically and only for a first time buyer for a cash sale of $38,000! Im selling my home so inexpensively because, my family and I own many properties across the country. Once a year we sell one or a few of our homes to first time buyers for under $50,000. This is done as a give back, and to bless a family or individual that needs it. I am not interested in hearing from anyone with representation or anyone that has previously owned a home. So, no realtors, no lenders, no investors, no wholesalers, no attorneys and no one that has ever owned a property. FIRST TIME BUYERS ONLY!

Also, this home is occupied by tenants until the 10th of June They've purchased their own property and are in the process of moving, but due to their lease and contract, we must give 4 days notice before a person can see the inside or do a walk thru. We are not giving that notice until a person or persons interested, deposits 20% hard cash, of the asking price into our independent escrow agents bank account, within an hour and a half of them calling our property agent, to say they want to move forward. This is done along with having signed and received the contractual letter of intent, prior signed by me.

Before deposit, our agent Ms. Seifert is the only representation dealing with this home. She will send an interested purchaser the contractual letter of intent (already signed by me), which states that the 20% is fully refundable, once the walk thru happens, if you no longer want it. However, it is also made clear that the seller will not give the notice to the tenants until the 20% is confirmed being received in the independent escrow agent's account. I will at that point, once funds are confirmed to have been received, change the status on Zillow from "for sale" to "sale pending". Following giving the notice to the tenants of the walk thru happening 4 days later.

If after the walk thru the purchaser still wants to move forward, then the balance 80% will either be due at closing or over 5 years owner financing at $507 a month. No interest is attached and we will pay all taxes for the property for the entire 5 years! Closing will be on the 11th of June and home will be able to be possessed at that time. Closing costs and title fees will be paid by me, at closing and thru a title company. (PLEASE UNDERSTAND THAT THE TITLE COMPANY WILL NOT BE INVOLVED UNTIL AFTER THE WALK THRU COMMENCES AND PURCHASER AGREES TO THE FULL SALE, AND CLOSING PROCEEDS).

This is an opportunity for a lucky first time buyer, but if you are not a first time buyer with the 20% hard cash bills to deposit in the independent escrow agent's account, an hour and a half from the time you receive the letter of intent, the same day you call, and you are not willing to follow the process we have stated above, then this home is not for you! PERIOD. So, please don't contact our property agent to waste her time! However, if you have the 20% and are ready and willing to do the process, without hesitation or time wasting, then call our agent, Ms. Seifert today on 678-531-XXXX.

I feel that none of this sounds legit. They could just walk away with your money with you having an attorney look at if this is on the up and up. Does this "deal" (scam?) sound like something any of you have encountered?