InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] 2 year right of recission Calif CC 1695.13 & 1695.14 Posted by Frank on April 23, 2003 at 4:40 PM I have been buying foreclosures on the Calif. South Coast Tri-county area the last 3 years and am a licensed Ca re broker acting as a principal at the sales. I fix the properties and resell. Lately the competition at the sales makes the bidders go up to 90 % of Fair Market Value which takes the fun and the financial reward away. I'm looking into the pre-foreclosure business, have read a lot about it and do understand forms and 5 day recission rights etc.etc. My main concern here is the 2 year right of recission by the seller (in distress?)as per Calif CC 1695.13 & 1695.14 if unconscionable advantage has been taken by the EP investor Even legislature has not further defined unconscionable, is this 70 or 80% of fair market value?? In this litigues society we live in I'm worried about the possible exposure to lawsuits. I have also noticed that the professional players are not doing any pre-foreclosure deals. I do understand you can not give me any legal advice, however I would appreciate to hear your opinion on this subject. Thanks in advance, Frank Follow Ups: Just do the right thing.. Ward-CA- 7:23 AM, 04/24/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I have been buying foreclosures on the Calif. South Coast Tri-county area the last 3 years and am a licensed Ca re broker acting as a principal at the sales. I fix the properties and resell. Lately the competition at the sales makes the bidders go up to 90 % of Fair Market Value which takes the fun and the financial reward away. : I'm looking into the pre-foreclosure business, have read a lot about it and do understand forms and 5 day recission rights etc.etc. : My main concern here is the 2 year right of recission by the seller (in distress?)as per Calif CC 1695.13 & 1695.14 if unconscionable advantage has been taken by the EP investor : Even legislature has not further defined unconscionable, is this 70 or 80% of fair market value?? In this litigues society we live in I'm worried about the possible exposure to lawsuits. I have also noticed that the professional players are not doing any pre-foreclosure deals. : I do understand you can not give me any legal advice, however I would appreciate to hear your opinion on this subject. : : Thanks in advance, Frank 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

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 © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

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