Updated over 7 years ago on . Most recent reply
Pre-Foreclosure guidance when using "inside" information
Urgently seeking advice. Full disclosure, I have been a happy residential appraiser for many years. I am now past ready to cross pollinate resources to the creative side of Real Estate Investing. That said...
A possible (lead) opportunity came today. A client asked me to bid on a drive-by appraisal for a pre-foreclosure SFR property. I declined the offer due to low fee, however, now have inside information. I can easily reach out to the delinquent homeowner and offer to buy the home and save him a likely foreclosure judgement. I just don't know what is OK in this instance. Does it matter if I divulge what I know? I am not commissioned to do the appraisal job and therefore not bound to client confidentiality. Or am I? I want to be upfront with the owner and let him know I might help him out of the bind.
Please chime in with thoughts...