Posted by Fred on August 30, 2006 at 18:57:28:
I heard Ward Hannigan who has specialized in buying foreclosures in California since 1982, give a very educational presentation at yesterday’s Corona RE Investors Club meeting. In it he mentioned that per California Civic Code 1695, it would not be prudent for an investor to assign a foreclosure contract to another investor.
If that is the case, what is the best way to transfer the property or contract to another investor? Would it be a double closing?
At this point I am not sure if it’s even allowed. I’ve flipped several properties before, but never properties in foreclosure so this is all new to me.
Fred