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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Maybe, but certainly not in CA.. Posted by Jason on March 30, 2002 at 4:34 PM In Reply to: Maybe, but certainly not in CA.. posted by Ward-CA- on March 29, 2002 at 6:57 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. How did you know that I live in KY? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : 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. : How did you know that I live in KY? 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

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