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Is an Investor Buying Your Short Sale?

Invest wide Is an Investor Buying Your Short Sale?

If you’re a seller who is selling a home by short sale and your buyer is an investor, Burlingame, California Realtor® Mary Murphy wants to make sure you know your rights.

“There are special requirements in order to comply with the Home Equity Sales Contracts Act (California Civil Code Sections 1695) but this law applies only if all four of the following conditions have been met:

1) The property is residential one to four units, and

2) The owner currently resides in at least one of those units, and

3) A Notice of Default has been recorded against the property, and

4) The buyer does not intend to live in the property (i.e. the buyer is an investor)

The law requires that a special purchase contract giving the “equity seller” a rescission right and two Notice of Cnacellation forms be used. The agent representing the buyer must complete a statement in writing, under penalty of perjury, that he has a valid current real estate license. Bottom line – make sure you are using an agent who has short sale experiece. A short sale transaction is tricky…”

Click here to read more blog posts by Mary Murphy.

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