Short Sale with simultaneous close legal in CA? - Posted by Kathy Kritikos

Posted by Kathy Kritikos on October 09, 2003 at 24:40:22:

After listening to the teleconference with Dwan Bent-Twyford on Short Sales I got very inspired and made an appt. with a broker here who does lots of Re-habs. I approached him with a plan to bird dog for him using the strategy of Pre-Foreclosure Short Sale using a simultaneous close to bring him in as the buyer at the closing. This broker told me two things that I’d like to confirm with you “seasoned” investors out there. He said:(1)You can’t legally sign any purchase contract without paying for the property yourself in CA (2)Short Sales don’t work right now in our area, Santa Cruz County because it’s a hot hot hot market. He said to wait till it goes down again, then try short sales. Can anyone who knows the CA markets speak to this? Thanks, Kathy(CA)