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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: If You Buy Foreclosures in CA Posted by Jerry - Ca. on April 19, 2008 at 11:27 AM In Reply to: If You Buy Foreclosures in CA posted by CC in OC on April 19, 2008 at 8:50 AM : FACTS: Presuming you have an adequate Home Equity Sales Contract as set forth in : the California Civil Code and presuming you dotted all the i’s and crossed the t’s : you still have one more serious potential problem. If you make the mistake of : allowing the seller an option to buy back the property, you can still be sued and : lose. : Whenever the seller has an option to buy back the property, you the buyer CANNOT : place a mortgage on the property, sell the property or sell any interest in the : property WITHOUT THE WRITTEN CONSENT OF THE SELLER. (cc§1695.6(e)) : MORAL: Do not under any circumstances give the seller a right to buy back the : property or you cannot mortgage the property, remortgage the property or sell the : property or any part of the property or even give any part of the property away : without the seller’s consent in writing. Additionally, I am seeing us involved in the : defense of more and more lawsuits against those having bought and buying : foreclosure property. : Source: Herman Thordsen, Attorney http://www.lendinglaw.com/ XXXXXXXXXXXXXXXXXXXXXXXXXXXX CC of OC: Simple Solution: DON'T give them an option to buy back ... Sign an agreement that gives them the FIRST RIGHT OF REFUSAL (not an option) to buy the property, when it is being sold! Jerry - Ca. Follow Ups: Good idea, Jerry. CC in OC 6:52 PM, 04/19/08 (4) I Disagree Bill H 6:22 AM, 04/20/08 (3) Re: I Disagree Jerry - Ca. 11:06 AM, 04/21/08 (2) Another thought Jerry... Bill H 2:49 PM, 04/21/08 (0) Re: I Disagree Bill H 1:30 PM, 04/21/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : FACTS: Presuming you have an adequate Home Equity Sales Contract as set forth in : : the California Civil Code and presuming you dotted all the i’s and crossed the t’s : : you still have one more serious potential problem. If you make the mistake of : : allowing the seller an option to buy back the property, you can still be sued and : : lose. : : Whenever the seller has an option to buy back the property, you the buyer CANNOT : : place a mortgage on the property, sell the property or sell any interest in the : : property WITHOUT THE WRITTEN CONSENT OF THE SELLER. (cc§1695.6(e)) : : MORAL: Do not under any circumstances give the seller a right to buy back the : : property or you cannot mortgage the property, remortgage the property or sell the : : property or any part of the property or even give any part of the property away : : without the seller’s consent in writing. Additionally, I am seeing us involved in the : : defense of more and more lawsuits against those having bought and buying : : foreclosure property. : : Source: Herman Thordsen, Attorney http://www.lendinglaw.com/ : XXXXXXXXXXXXXXXXXXXXXXXXXXXX : CC of OC: : Simple Solution: DON'T give them an option to buy back ... Sign an agreement that gives them the FIRST RIGHT OF REFUSAL (not an option) to buy the property, when it is being sold! : Jerry - Ca. [ 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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