OfflineHello every one,hope fully some one will be able to help me, here is how this goes the other day i posted a question about the banks (wells fargo) not lending any money to my client if the house that i was going to get for her was owned for less than two years , so some one very kindly answer me to go for local banks and an other comment said that selling a house with out a licence was a third degree felony ,so that shocked me and that is preventing me from keep trying to find a house for her trough the methods in Dean's Book to buy with no money so please some one any idea what shall i do?
Thank you and have a nice day.
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You're ok as long as you aren't representing anyone in a transaction but you. You're helping her find a mortgage, so, I would go find a good loan specialist (NOT at a major or local bank) who has different programs & knows what will work for your potential buyer.
Keep you chin up ~ No need to fear! (:
I'm sure someone can answer this question than I'm about to, but I hope this well help a bit at least.
If you're looking for no-money down techniques, start with bird-dogging and wholesaling. There is no risk for you in either one of those techniques and you can get started immediately.
If you're trying to find a house for your client and she requires funding, my suggestion would be to find a great mortgage broker to add to your team. He or she will be able to find great lending options for your client. But I don't have much experience with that, so I don't want to tell you wrong info. Hopefully someone can elaborate on that.
Selling a house for someone else without a license is illegal. However, when one is wholesaling or bird-dogging, they're not selling the house, which is why what they're doing is not illegal. Bird-dogging involves finding possible properties and informing investors of them, while wholesaling involves assigning/selling their ownership of the CONTRACT (not the property) to the buyer.
In Christ alone, I place my trust.
OK so as long as I only help her find a loan? not represent her. You think I will be fine in that case i will start looking for lenders
Thank you.
Yep! Search for mortgage loan officers with programs and those who are familiar with what we do, and that can help them.
Thank you very much Sarah and Dallas this is very helpful I appreciate your time
God bless you both
Victor
If you are just trying to find a mortgage for your friend.
Go to Alpine Bank or American National ask them about USDA loan if she is planning on living there. Stay away from Wells they're National and not the greatest branch here in C'Dale.
When talking to professionals This is your role
It is illegal to sell property to others if you are not a Realtor. You are not a Realtor you are an Investor. You are buying for yourself and selling your property. You can sell the property you own. When you lock up a property on contract you own the rights to the property and have right to sell your rights. That is what an assignment of contract is. if you are bird dogging then you refer the property to another investor and they compensate you. Good luck I sent you a PM with my email.
Theresa