Santa Maria Real Estate: Can investors purchase short sales?
Yes, investors can purchase short sales. There are pitfalls though, such as if the property has a notice of default filed on it. In that case, specific disclaimers MUST be provided to the seller. California law seeks to protect sellers from unscrupulous equity strippers, and as ironic as it may sound, those disclaimers still apply when the property is a short sale. So, even though there is no equity, investors much make sure sellers are aware of their rights. This is another reason why it is important that investors work with an experienced REALTOR® when purchasing a short sale home. The penalty for violating this provision of California law is surprisingly stiff and includes jail time; and any investor seeking to buy Santa Maria or Orcutt short sale homes should be aware and provide the necessary disclaimers in their offer.
If you are interested in purchasing Santa Maria or Orcutt short sale real estate, please contact me at (805) 878-9879.
Tni LeBlanc, Mint Properties
* Those interested in buying short sale properties are always advised to consult with legal counsel in each individual situation.