Sunday, October 21, 2007
Short Sale Consumer Protection Laws
There is a California state law that limits investor purchases of short sale homes. The limitation affects those sales when the home is owner-occupied and the investor does not intend to live in the home he purchases. The exclusions from this situation would be if the home is vacant, tenant occupied or if the purchaser intends to use the property as his principal residence. There are teeth in this law too. Realtors can be held financially and criminally liable as well as the investor.