Newsom Signs SB 1079 Impacting Foreclosures
Share this:
Summary: New California law gives owners, tenants, non-profits, and local governments a chance to outbid investors who buy foreclosures. It also bans the “auction bundling” of foreclosed homes, and prevents foreclosure blight with big fines. How will CA SB 1079 impact real estate investors in 2021 and beyond? Find out by reading more.
Introduction
If the pandemic produces another wave of foreclosures, investors will have to wait in line to buy California properties. Governor Gavin Newsom signed the CA SB 1079 legislation into law, which will give several other groups of people priority in the purchase of foreclosed homes, including previous owners. It also prevents “auction bundling” and imposes steep fines on those who let foreclosed homes turn into eyesores.
on a great apartment by going to a foreclosure auction. now, auctions can be a good way to purchase property at below-market value, but like most things in real estate, you better know what you re doing. you must make sure you understand the foreclosure process itself. what type of auction are you at? are you at a trustee auction? is it a sheriff s sale? is it a bank foreclosure auction? is it a government foreclosure auction? if you re a novice, watch out. if you ve never gone to an auction, take a few minutes, go see what happens at the property, see what happens at the auction. research the area of the home. you can t actually get inside the home where you normally could. and there is a saying. the way it looks on the outside, that s how it is on the inside. check the prices of the property in the area so you ll have time and an idea of how much to bid. be on time at the auction, guys, because if you re not, you re gonna lose out. believe me, they re fast, and they get it done. by t