Often there is no question about morals.
Posted by AFI on May 07, 2001 at 11:37:44:In Reply to: Moral question of gaining from someone's hard luck...and other newbie questions... posted by Laura on May 06, 2001 at 18:18:46:
If you follow the default listings, you know there are three stages to the trustee sale foreclosure process. The default, the auction and after the auction. There are no moral considerations involved when purchasing at the auction or after the auction. The homeowner will not own the property after the auction, if there are no third party bidders, the bank gets the property. If the bank ends up with the property, you may offer whatever you want to the bank, the homeowner isn't involved and most people don't lose sleep over low offers to a bank.Now, the default stage is one where choices have to be made. There are many people who appear to have no consideration for the homeowner, they'll get whatever they can out of it. If the homeowner gets nothing, they don't worry about it. Since you've asked about the morals, there is a much greater probability that you, as an investor, would be willing to work towards a "win-win" situation for all involved. Keep in mind, you didn't create the hardship leading to the possible foreclosure situation, if you can help the homeowner and at the same time obtain compensation for your effort, there is no moral problem. As long as you always make sure it is "win-win", you should actually feel good about what you do rather than feel like an ambulance chaser. Follow Ups:
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