Ward's idea of manual labor

InnoVest Resource Management's

Foreclosure Forum

Discussion Board

Foreclosure Training

Title Holding Trust

Speaking Schedule

Foreclosure Codes

50 State Foreclosure Basics

Foreclosure Glossary

60+ Yrs Interest Rates

News & Trends

FAQ

Dingbat Retirement Plan

Links

Contact / Map

Home

 

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

Maybe, but certainly not in CA..

Posted by Ward-CA- on March 29, 2002 at 6:57 PM

In Reply to: Is this possible? posted by Jason on March 29, 2002 at 1:51 PM

: First off I would like to say this is my first time posting. I stumbled across this board while doing some foreclosure research. Anyhow, here is my question.

: I read on one foreclosure site about a method called flipping. It said you can go to an owner of a house before foreclosure and put a contract to buy it for $10 and then sell it to an investor willing to put up the money to buy the house. Then you both profit. Is this a good idea and can it be done?

=•=•=•=•=•=•=•=•=•=•=

Jason, I’m sure somewhere in the backwoods of KY such a scheme might be possible, but here in CA you can’t because of Civil Code Section 1695.17(a)(b). That section prevents you from being a front man or representative for someone else without you having a CA real estate license and a bond issued by a surety insurer in an amount equal to twice the market value of the property that’s the subject of the contract.



Follow Ups:


Post a Followup:

Name    : 
E-Mail  : 
Subject : 
Comments: Optional Link URL: Link Title: Optional Image URL:


[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Our home page is at http://www.foreclosureforum.com

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2002, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455

[an error occurred while processing this directive]