is pre foreclosure that complicated

[Maynhia Stott]

I have access to a lot of pre foreclosure home owners and have been thinking about contacting them but my real estate investor friends say it's too complicated and very strict law. is that true? I thought that as long as I have an agreement with the owner to represent him to deal with the banks and sell the house then that's all that matters.

[Shaq Jones]

I deal with pre foreclosures. Yes I am a realtor, but you do not have to be realtor in order to deal with pre foreclosures. Anyone with cash can approach someone to purchase their home without a license. You cannot legally market a property without having a secured interest in the property( which would be a signed contract with you intentions to purchase or assign.) If you find a preforclosure that let's say $100k is owed and you know the home can retail for $300k. If you have cash, you can actually approach the homeowner and offer to pay off their debts for the house. Now in my experience, going after preforclosures with people that live in the home is challenging. The attachments people have to their homes are real.

I deal with preforclosure homes that are vacant. Trying to get people to allow me to help them get their name off the title of a home they no longer live in is almost like pulling teeth for a home they've already walked away from for NOTHING. So, good luck and have some money lined up in the event you get someone to agree to let you buy their home. Even if you decide to wholesale it after you get a contract signed that can work as well. One frustrating part about this forum is everyone has their opinions, and they can at times be discouraging, but do your own research. Unless you're trying to talk the bank down you don't need a license. Even then only thing you really would need is written authorization from the owner to speak to the bank and proceed from there. Just make sure you do everything right, and you will be fine. Good luck!