A couple of weeks ago I wrote of post on Equity Purchases in California and how this law could impact Short Sales. Even those there is no equity in a Short Sale purchase the Equity Purchase laws appeared to still apply. The equity purchase laws protect the homeowner (and the homeowners equity) from predators when they are in Foreclosure.
I ran the issue past CARS (California Association of Realtors) Legal Hotline. According to the Legal Hotline it is not a Equity Purchase if no Notice of Default has been filed. Furthermore if the property is in escrow at the time the notice of default of filed the Equity Purchase Laws do not apply.
This is a very good reason to start your short sale as soon as possible. When the Home becomes an Equity Purchase most agents are no longer legally qualified to handle the sale. Furthermore as an investment it becomes a lot less attractive to investors.
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