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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] clarification requested Posted by bob on April 03, 2004 at 7:13 PM In Reply to: Requirements of §1695 posted by Ward-CA- on April 03, 2004 at 5:54 PM : : : Ward: : : Looking for answers, and your views on this: : : Where does the realtor, who listed the property, that is on NOD, or T. Sale. Doesn't he/she has to follow the 1695? : : I know many realtor don't know this. Don't they have to give notice of cancellation, and a 5 days waiting period? : : Are they exempted? I don't really think so. I think most of the realtor that listed the property, : : don't know that they are violating the California foreclosure law. They can prey on the owner, just like the crooked investor can. : : These questions that I ask, not too many people can answer, even some of the people teaching foreclosure can't. : : My guess in that the realtors are on the wrong, bec. they don't follow the foreclosure civil code. : : They MUST give Notice of Cancellation. : : They MUST give a cooling off period, before the listing. : : They cannot just walk up to the owner, and get the listing, and figure it out later. : : Ignorance of the law won't help them, either from losing their license. : : Rob : ======================= : Rob, : If the agent's buyer is going to move into the home, then they are completely exempt from the requirements of Calif. Civil Code §1695. : But if the property is bought for investment purposes, where the buyer has no intention of using the property as their personal residence, then they have to follow the strictures of the code. And you're right, ignorance of the law is no defense. How would a selling agent that is working with an investor to buy a home that is listed in the MLS know that the property is in NOD stage until they receive the prelim. at which time the escrow may have been open for some time. Someone might say that the listing agent should place this info in the MLS or offering however seller may not want this info published as it could hinder their negotiating position and they also might not wanted published for privacy and/or pride reasons. A listing agent that splashes "NOD filed" and/or "Foreclosure sale pending" etc. could face problems from seller. Does the statue apply to a listing contract as Rob states? Follow Ups: Bumbling is no excuse... Ward-CA- 9:15 AM, 04/05/04 (0) Bumbling is no excuse... Ward-CA- 2:54 PM, 04/04/04 (0) Bumbling is no excuse... Ward-CA- 2:39 PM, 04/04/04 (2) I fully agree. Bob 4:33 PM, 04/04/04 (1) Thats a laugh JK 8:45 PM, 04/04/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : : : Ward: : : : Looking for answers, and your views on this: : : : Where does the realtor, who listed the property, that is on NOD, or T. Sale. Doesn't he/she has to follow the 1695? : : : I know many realtor don't know this. Don't they have to give notice of cancellation, and a 5 days waiting period? : : : Are they exempted? I don't really think so. I think most of the realtor that listed the property, : : : don't know that they are violating the California foreclosure law. They can prey on the owner, just like the crooked investor can. : : : These questions that I ask, not too many people can answer, even some of the people teaching foreclosure can't. : : : My guess in that the realtors are on the wrong, bec. they don't follow the foreclosure civil code. : : : They MUST give Notice of Cancellation. : : : They MUST give a cooling off period, before the listing. : : : They cannot just walk up to the owner, and get the listing, and figure it out later. : : : Ignorance of the law won't help them, either from losing their license. : : : Rob : : ======================= : : Rob, : : If the agent's buyer is going to move into the home, then they are completely exempt from the requirements of Calif. Civil Code §1695. : : But if the property is bought for investment purposes, where the buyer has no intention of using the property as their personal residence, then they have to follow the strictures of the code. And you're right, ignorance of the law is no defense. : How would a selling agent that is working with an investor to buy a home that is listed in the MLS know that the property is in NOD stage until they receive the prelim. at which time the escrow may have been open for some time. Someone might say that the listing agent should place this info in the MLS or offering however seller may not want this info published as it could hinder their negotiating position and they also might not wanted published for privacy and/or pride reasons. A listing agent that splashes "NOD filed" and/or "Foreclosure sale pending" etc. could face problems from seller. Does the statue apply to a listing contract as Rob states? 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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