What kind of buyer is an agent looking to represent ... if the property is in default?
Disclaimer: All buyers are welcome to purchase what they can afford.
However, the purpose of this post is to say... An agent should NOT represent a buyer if these four points are true:
1. The buyer will not use the preoperty as a personal residence.
2. The Seller is occupying the property in any manner as their primary or principal residence.
3. The property is one-to-four family dwelling units.
4. There is an outstanding notice of default recorded.
If someone calls you on a listing that you have and all four of the above bullets are YES answers.... in California you cannot represent that buyer. Plus the buyer would fall under "an equity purchaser" and would be required to use a totally different purchase agreement form. Correct purchase agreement form number is NODPA, HEAA and if the sale is cancelled, the form is HENC.
If any one of those 4 bullets are an answer No, it is not considered an equity purchase and the home equity sales law does not apply.
Having said that... all other buyers are welcome. And We do take walk ins!
Need a Short Sale Specialist?
Want to purchase a REO property?
Need information on the foreclosure process?
Give us a call today! 866-750-8282
For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
Check us out on website: http://www.motheranddaughterrealty.com
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