Think Ca. foreclosure laws are tough?
Disasters in the News
These are just a few examples of the alarming epidemic of anti-investor legislation which has recently been enacted in other states.
* Restricts fees and services investors can offer homeowners.
* Seller gets 10-day right to cancel contract.
*** Investor must reimburse 82% of proceeds to seller if reselling the home for profit.
* All rental property must be inspected for lead paint each vacancy (6 month backlog waiting on inspectors, and CANNOT EVICT until inspection completed).
* Buying subject-to can only be done with lender approval – making it effectively impossible.
* Only brokers can give advice on loans, and recommending a broker is illegal (so, technically, ‘owner financing’ and ‘wraps’ may be against the law).
* Similar restrictions to Maryland (at left).
* Expands Maryland law to include any distressed homeowner who is 90-days behind (and investor can violate this without knowing – because there is no public record).
* Banned (can’t charge fees, etc.)
* New “conveyance” tax – collected once on buy, then twice more on re-sale (means 6 times for a double- close on a wholesale flip).