Flipping in California?? - Posted by kfarzin

Posted by Clare Z on October 05, 2003 at 15:20:31:

I am not entirely sure re: foreclosures, but that won’t stop me throwing in my 2 cents. I believe that in CA we have some pretty strict guidelines about buying foreclosures. The laws are meant to prevent people from taking undo advantage of people under the stress of foreclosure and you can get into trouble if you buy too cheap.

That said, the expert on this is Bruce Norris in Riverside. His web page is http://www.thenorrisgroup.com/

Good luck. I would also check out a local investors meeting (links on this site) and ask around there.

Flipping in California?? - Posted by kfarzin

Posted by kfarzin on October 04, 2003 at 19:21:00:

Anyone here have any experience flipping foreclosure properties in California? I want to get a property under contract and then assign it to another investor. Which contracts are involved? I think here in California we need to use a Equity Purchase Agreement(EPA) when the property hasn’t gone to auction yet. Is that correct? If so, how does it work vs using a regular purchase contract? How much money will I need to make to the seller if I use a EPA since it doesn’t include a place for earnest money(usally in the amount of $500-1K)? Also if I use a EPA will I be able to assign it? Anyone done any of this kind of deals here in Cali? Please give some feedback?