The Real Estate Encyclopedia
Foreclosure Purchaser
Category - Real Estate Glossary - Real Estate Terminology
A person who acquires title or possession of a deed or other document to a residence in foreclosure. In states where foreclosure purchasing and consulting are regulated, a Foreclosure Purchaser cannot:
  • Market directly to homeowners in pre-foreclosure.
  • Have initial contact homeowners to discuss options.
  • Negotiate directly with mortgage companies and law firms on behalf of the property owner.
  • Induce the homeowner to sign documentation that waives their rights regarding the transfer of ownership of their property.

In states where foreclosure consulting and purchasing are regulated, a Foreclosure Consultant and a Foreclosure Purchaser are two separate entities. One person or entity cannot be both.


References
 
Category(s)
Real Estate Glossary - Real Estate Terminology
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