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buying a foreclosure: California Buyers Receive New Rights When Purchasing Foreclosure Properties - 10/17/09 11:18 AM
Everyone who has written an offer on a foreclosure property knows that when the offer is accepted, it isn't accepted using the California Residential Purchase Agreement but is accepted using the bank's contract.  Why does that matter?  The bank's contract is written by the bank's attorneys for the bank's best interests.  Many rights afforded buyers on the California Residential Purchase Agreement are specifically excluded. The new California law "Buyer's Choice Act", which went into effect on October 11, 2009, returns one right to buyers.  The Buyer's Choice Act prohibits foreclosure sellers from requiring, either directly or indirectly, that the buyer purchase … (0 comments)

buying a foreclosure: Buyer of a Bank-Owned Home has Buyer's Remorse - 03/03/09 11:00 PM
I just received an interesting email from another Realtor's buyer - a complete stranger - through my website.  This buyer purchased a bank-owned home using VA financing and the bank to agreed to pay for Section 1 repairs.  That's the good news.  This buyer is having second thoughts because there are other "equivalent" homes available in the same market for less money.  He wrote to ask my opinion.
Let me preface my response with the following information:  I am located in Contra Costa county (northern California) and VA financing hasn't been used in this market for close to 10 years.  So the fact that his realtor got a bank to accept $0 down VA … (3 comments)