Are wholesalers considered foreclosure consultants?

Are wholesalers considered foreclosure consultants?

I was reading the CA law on this topic and the language would seem to indicate that a wholesaler could be considered as a foreclosure consultant; is this accurate and what are the things to watch out for when wholesaling in CA?

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Hi again Saritasungcheu!

Yes, wholesalers can be considered foreclosure consultants if they specialize in foreclosures of course. Laughing out loud

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saritasungcheu wrote:I was

saritasungcheu wrote:
I was reading the CA law on this topic and the language would seem to indicate that a wholesaler could be considered as a foreclosure consultant; is this accurate and what are the things to watch out for when wholesaling in CA?

This question has been asked to several of the coaches. After doing some research on the laws that you are stating in CA you are listed a foreclosure consultant if you seek to work with foreclosures for a profit. From review it does not look as though this is any hindrance at all though. In the reference it is talking about foreclosure consultants who offer the world but do not deliver or charge way to much. There was no note, at least yet, that stated you cannot be a foreclosure consultant.

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Thanks for everyone's replies

I have spoken to a lawyer in regards to this and it seems that as long as one is careful to avoid REPRESENTING oneself as a foreclosure consultant as defined by the statute then it is unlikely courts will view them as such. The reason that this distinction is important is because there are specific guidelines with which foreclosure consultants must comply under threat of criminal and civil penalties. Although it is true a court could consider the activities of a wholesaler to be consistent with the definition of a foreclosure consultant, the lawyer with whom I spoke believes it highly unlikely provided that the buyer chooses his/her/their words carefully and is equitable in their dealings. I will probably get a second opinion just to be more sure.


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