Posted by Jim Pasquini on February 08, 2000 at 16:28:28:
there are laws in place that require a realtor to have a bond in place if they want to sell their house if they are in default. Doesn’t mean they abide by it, but they could end up with their behind in a sling as well. There are numerous other laws all designed to protect the homeowner, but what they do is limit their options.
As I understand it, according to California Civil Code purchasing the property with an option for the seller to reacquire is not legal. This is what old McCorkle was espousing.
In California in particular I know of two people that teach foreclosure investing. Bruce Norris does, and he is speaking at the LA Real Estate Investing Club tonight. I’ll be attending since I’ve never heard him speak, though he comes highly recommended. The other party is Tim and Alexis McGee up in the Sacramento area. I’ve been through their training and thought it was very valuable.
There may be others I don’t know about. Pre-foreclosure investing in California can be a mine field. You have to know how to dance in that mine field, and cover your behind while you are doing it. When a homeowner is in default, they are looking for someone to sue thinking they are going to hit the lottery and solve all their problems.