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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: fair price vs unconscionable advantage Posted by Don on April 19, 2002 at 9:16 AM In Reply to: fair price vs unconscionable advantage posted by Greg (San Diego) on April 18, 2002 at 11:26 PM Good question. I think it's strictly a subjective decision the court has to make. It’s probably a little over the top to say 70% of FMV without considering repairs is the cutoff point. That’s like saying it’s against the law to pay $65,000 for a house that needs $35,000 for repairs with an after repair value of $100,000. Doesn’t make any sense to me, but then what do I know. You should take it seriously. The law is alive and well; an investor from San Bernardino recently got a felony conviction for violating CC 1695 (see In Re Wallace Reed Phelps, 93 Cal.App.4th 451; 113 Cal.Rptr.2d 217). There was also a case a while back (Onofrio v. Rice) where this guy Rice got whacked with a several hundred thousand dollar civil judgment against him for violating CC 2945. Bet those guru books and tapes don’t mention these cases. Don Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Good question. I think it's strictly a subjective decision the court has to make. It’s probably a little over the top to say 70% of FMV without considering repairs is the cutoff point. That’s like saying it’s against the law to pay $65,000 for a house that needs $35,000 for repairs with an after repair value of $100,000. Doesn’t make any sense to me, but then what do I know. : You should take it seriously. The law is alive and well; an investor from San Bernardino recently got a felony conviction for violating CC 1695 (see In Re Wallace Reed Phelps, 93 Cal.App.4th 451; 113 Cal.Rptr.2d 217). There was also a case a while back (Onofrio v. Rice) where this guy Rice got whacked with a several hundred thousand dollar civil judgment against him for violating CC 2945. Bet those guru books and tapes don’t mention these cases. : Don 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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