I am 23, a realtor and am trying to get ready to buy a foreclosure or preforeclosure. I want to buy a prop. work on it and then sell it to get to a point where I can “afford” a home and still have money left over for living expenses. I would like feedback on appropriate & inappropriate methods to get started. I know that I would not represent someone as a client and then buy their prop. if it was distressed. I feel that if I were in a situation like this I would be interested in buying their home but only if I could not sell their home for them before their time ran out to bring their loan current. But I would be the only person that knew if I had worked in their best interests or not. Liability would be high. This is why I would not want to list their home and then buy it but I do not know if their are other things I should be concerned about. I think that if I disclosed to a ho that I was a licensed realtor and was interested in doing a short sale or something then there should not be an issue. Also, as a realtor it seems like if I were to present a short sale to a bank w/ me as the buyer and all they had to do was negotiate it with me then it would be much easier because I would be the buyer and the realtor. What do you think?
I am not a realtor, but from perspective, there is nothing wrong with you listing it, then buying it if it doesn’t sell. Some realtors around me advertise that they will “buy your house” if it doesn’t sell in 90 days. Of course, the fine print is that they will buy at wholesale pricing.
Also, I suppose it is possible that some states have a quirky law but, there is no “if” you disclose. It should be “since” you disclose.
Plenty of realtors are also short-sale investors. I don’t see a problem or a moral issue either way, unless you don’t disclose.