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December 29, 2007

Buying California Foreclosure Properties

Filed under: buying,foreclosure — Rob La Eace @ 8:50 am

With the increase in buyers interested in foreclosure purchases in California, many of my clients have inquired about the process and opportunities. Some foreclosure sales are great opportunities for buyers of homes and condos. It is important that a buyer be aware that once a Notice of Default (NOD) has been recorded against a property, a piece of legislation known as the Home Equity Sales Act may come into play in the deal. There are four qualifying factors. The property must be a 1-4 unit dwelling, it must by the primary residence of the seller, and there must be a Notice of Default recorded on the property. In addition, the buyer must be an investor (not planning to owner occupy). Should all four of these criteria apply, the buyer will not be able to use a California Licensed Real Estate Agent or Realtor to represent them in this purchase. Failure to comply with this law can carry stiff penalties. In such cases, an attorney specializing in these real estate transactions should be consulted. As Realtors are strictly forbidden from providing legal or tax related advice, always contact an attorney or CPA/tax professional for advice. Your local real estate expert should have the name of an appropriate professional to speak with.

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