In California there is a Law - Civil Code Section 1695 that was designed to protect homeowners equity when they were in foreclosure from Vultures trying to by up the property on the cheap.
As I read the law there is no need for there to be equity in the home for the home to be considered an Equity Purchase.
There are a number of exceptions to the law, people buying the home to live in are not Considered Equity Purchasers and the law would not apply. There are some other exceptions too.
For an agent to be involved in almost any capacity they have to be heavily bonded (to at least twice the value of the property).
The are a number of loop holes to help sellers and penalize buyers.
The biggest problem I see with it is I believe it would apply to any investor trying to buy a Short Sale. There is no equity, but it is still an equity purchase. I do not know any agent with that kind of bond. What is really sad is the sellers want to sell and quickly; some of the Investor Buyers are actually angels for the homeowners and plan to rent it back to them.
Am I missing something here! Please put your 2 cents in.
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