Pre-foreclosure question
I have just started investing in pre-foureclosures, and I have been doing a lot of research, but can not get a stright answer to whether I need a real estate broker to close the deal, or wheter I need a licenced real estate agent? Can any one please help cleal this up for me. Thank you. 
Real Estate Agents can be a good resource when learning to buy and sell properties. They can help you with local information, lenders, inspectors, attorneys, and inside tips on what it might take to get a deal through. In working with pre-foreclosures you don't need a realtor/broker to close the deal, but it would be in your best interest to have an attorney on your side of the closing table to protect your interest. If there are areas of real estate that you are not comfortable with, it may be a good idea to consider using a realtor.
To going a step further, when presenting a short sale package to the bank to purchase a pre-foreclosure, so banks require that before they will consider a short sale, that the property must be listed with a realtor for (x) amount of days. The banks do this in an attempt or proactive way to make sure that the homeowner has done everything he can to sell the house at market value, before the bank will consider selling it at a discount. Hope this helps!
Thank you very much for the help.
BAMZ, most homeowners whose mortgages have been or about to be foreclosed upon, list their homes at a price that they think will satisfy all liens, plus real estate broker's commission, irrespective of the market value of their homes. That's why they languish on the market, unsold. They are overpriced.
A failed marketing plan (at an above market asking price) is great supportive evidence for a mortgagee... who must be convinced of the property's as-is, fair market value.
TheShortSalePro,
That is a good point. I came across a prime example of that this past week. In order for these people to get out of the loan, after paying all realtor fees and liens, the house has been grossly overpriced for about 2 months. There has been lots of traffic, but no offers.
I thought if I put together a clean and precise short-sale package for the bank, that this would be a good candidate. The only problem I came across is that this is a divorce deal. One has moved out, and both have seperate attorneys. I contacted both attorneys, and one thought it was a great thing to pursue, but the other was a very grumpy fellow and said he would advise his client against it. After considering my options, the only thing I could think of was . . . . . . NEXT!