Is it legal for Realtors to help investors locate pre-foreclosure homes and change a commission to the seller?
Also, can a Realtor invest in pre-foreclosures? Or is this considered unethical? illegal? Probably need a special disclosure for this type of transaction?
Are there any laws that could help know what legal activities are allowable with these types of transactions in this foreclosure environment?
Thanks in advance for any help.
Up until about a year ago it was pretty dicey for Realtors in California to get involved with selling preforeclosures (included many short sales) to investors. That was primarily due to the fact that it required a bond that was impossible to get per civil code 1695. We have posted about this previously: http://www.foreclosuretruth.com/forum/realtors/representing-buyers-investors/can-i-represent-investor-ca-buying-shortsale.
I like to buy notes from the note holders (The banks), who should I cantact in the bank and where do I get their contact info. Thanks?? George