- This topic has 22 replies, 8 voices, and was last updated 17 years, 5 months ago by ibjames.
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December 6, 2006 at 12:30 AM #41209December 6, 2006 at 8:56 AM #41216sdrealtorParticipant
good advice
December 6, 2006 at 10:55 AM #41229no_such_realityParticipantYou don’t have to stop doing that, but you may want to do things like learn about foreclosures and/or other things that may enable you to take advantage of distressed sellers.
You have to be careful with distressed foreclosure pending forced sales. California has law governing equity buying (below “market” purchase of a home facing foreclosure).
How much you know can play against you if you don’t put the right foreclosure equity disclosure and rescind agreements in your purchase offer allowing the seller to later sue you for perceived lost equity from your predatory actions.
I suspect we’ll see an increase of these lawsuits in the coming years.
December 6, 2006 at 11:30 AM #41236sdrealtorParticipantFYI, I’m pretty sure that the law you are referring to governs investor purchases not purchases for primary residences.
December 6, 2006 at 12:15 PM #41249ibjamesParticipantI would like to learn more about foreclosures and the like, I’ve seen tons of websites that offer details on them, but they all seem like scams. Anyone here have any good places to learn and keep track of things like this?
December 6, 2006 at 12:49 PM #41250no_such_realityParticipantThe Pre-Foreclosure Property Investor’s Kit: How to Make Money Buying Distressed Real Estate — Before the Public Auction (Paperback)
by Thomas LucierDecember 6, 2006 at 1:08 PM #41252no_such_realityParticipantFYI, I’m pretty sure that the law you are referring to governs investor purchases not purchases for primary residences.
It’s section 1695 of the CA Civil Code and you’re correct, purchasing to buy as your personal residence section 1695.1 excludes you as an equity purchaser.
So basically, as long as you buy it to live in and actually stay long enough, they’ll be muted. I wonder though how it’d work out in court, if 1. you bought and live there, 2. they show you did extensive pre-foreclosure searching 3. you’re doing financially well,
and if you add some investments after the fact, I wonder if that increases your exposure.
December 6, 2006 at 1:30 PM #41257ibjamesParticipantjust ordered that book, thanks!
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