Posted by tray giddens,houston on July 09, 2003 at 11:45:29:
can you tell me what law or regulations states that a real estate broker or licensee may not purchase a HUD property? assuming financing or owner occupancy is not a factor , of course.
HUD Properties - Posted by StLouisRE
Posted by StLouisRE on July 08, 2003 at 13:14:01:
Does anyone know a way around the law that says that if you have a real estate license, you cannot bid on/buy First Preston/HUD properties. Possibly through a corporation? This is a ridiculous law. Thank You. Doug
the skinny from first preston - Posted by Tray Giddens, Houston
Posted by Tray Giddens, Houston on July 09, 2003 at 18:30:35:
this is directly from first preston:
"Only First Preston employee’s or direct contractors with us may NOT purchase
HUD properties. Otherwise you are welcome to bid on HUD properties.
Thank you for your interest in HUD properties. If you require additional
information or assistance, please contact us by e-mail or at our National
Call Center at 1-800-934-3009."
it’s all right there, unless you are the broad listing broker or some other direct contracter , you can make bids all day long as an agent or broker for yourself…
Tray Giddens, Agent
Re: HUD Properties - Posted by Tray Giddens, Houston
Posted by Tray Giddens, Houston on July 09, 2003 at 14:36:30:
dougs email to me:
Tray-thanks for your reply. I am told by my broker, and also was told in my state license class that an agent or an agents spouse could not by HUD foreclosure properties. There are several agents at my Coldwell Banker office in Missouri (that holds my license) that say that they and I cannot purchase these. Doug
my reply to doug:
i just talked to first preston, which manages the huds for Missouri… they said that there is no prohibition that they are aware of for brokers or agents from purchasing these properties…
here is the web site http://www.firstpreston.com/hud_faqs.asp
when people say outlandish things , i have to check it… unless they have a specific code or law which they can reference, i say everything else is heresay and you must check it out on your own…
Tray Giddens, Realtor