Question on short selling..
Hello TCI,
I was talking with a local foreclosure attorney in Arizona, he told me that I would "probably" need to have a mortgage broker's license if I wanted to use other people's money in a short sell during the pre-foreclosure process. Can anyone confirm this? Although he should be a leading authority on this subject, he was not sure, and did not confirm it. What do you guys think? 
Thanks,
Brian G.other
bginvestor, Brian,
I think your Attorney is wrong. If I borrow money to help me do a short sale why would I need a brokers license I am not loaning money I am borrowing it.
Most Attorneys think in the box, not out of the box, this is where there comfort level is.
I remember when I first started an Attorney call me because I was selling a house to one of his clients. He told me what I was doing was illegal.
I started quoting him the State Statutes regarding buying and selling properties in the State of Nevada. When I explained the process to him, his final words to me where he had just filed a BK and needed a house with no qualifing, if I found one would I please call him.
It did not stop there I can't remember how many Attorneys called me wanting a house or how the 'Subject To' process worked.
My opinion change Attorneys to one who can think outside of the box.
John $Cash$ Locke[ Edited by JohnLocke on Date 01/12/2003 ]
LOL...
Yes, great advice, think out of the box..
I guess that should almost be a requirement for most CREATIVE investors anyway..
Here is a link for AZ http://www.azbanking.com/index.htm
Read over the info, if you are still not sure seek legal advice.
But I don't see where what you plan to do is loan brokering.
BG call me on Monday we will talk and I'll help you on Short Sales
Your Coach
Bill Twyford