I recently addressed this topic and thought it would be good to share this information with everyone.
The direct answer to the questions is, No. Then there is the rest of the story. You may have been told by many people that they are all scams and they should leave you alone.
First, how did they know to call you? Everything I am about to tell you is public information so what they are doing is not illegal. When a foreclosure is started a legal document is filed at the county courthouse which shows that a lender or person has filed a foreclosure. This triggers everyone who wants to know that there is someone experiencing difficulty in keeping their real estate property. This is how everyone knows to call and therefore all the calls.
Now the next question is, are they trying to take advantage of you? The best answer I can give you is maybe. Most of these calls are investors that must make a profit to stay in business. Other callers may be real estate agents who are looking to list your property and perhaps sell it. They too are looking for a profit by calling it commissions.
My belief is that anyone that brings a solution and can execute that solution should be compensated (either by profit or commission). Have you known any professional that works for free (doctor, dentist, attorney, etc.)? A true professional knows that solutions have value and they should be properly compensated.
The problem with everyone outside the transaction wants to judge and determine what that compensation should be when in reality there is only one decision maker. The person that is in foreclosure (ie. the Owner/Seller).
My thoughts are that you as the Owner/Seller have to decide what is acceptable and what will meet your needs. Believe me, if you decide to get other peoples input you will get thoughts from, it is all a scam to specific amounts anyone should make to help you. So before judging anyone for the profit they make, ask yourself if their solution meets your needs and are you ok with them making a profit? If not, then do not move forward and select another option.
Lastly, do not close on any type of transaction without using a title company or an escrow company/attorney. This is so all parties are protected in that all the documents comes to one point and all the money is distributed to the rightful parties. Review all documents and don’t sign until all your questions are answered.
Remember everything that an investor or real estate agent offers are recommendations. You retain complete control of the transaction up to signing which will then execute what you agreed too.
Hope this helps. I am certainly available to answer your questions and provide services to help move you forward at this most difficult of time.
