SB 1079 changed buying foreclosure homes at the courthouse steps!
Are you ready to buy a California foreclosure home at trustee sale? California SB 1079 has changed buying foreclosure homes at the courthouse steps! Even the highest and last bidder at the foreclosure sale can find the foreclosure can be snatched away from investors by “eligible bidders” who have a right of first refusal for up to 45 days AFTER the trustee sale. We cover this and more on SB 1079:
Which properties are eligible for SB 1079
Who are “eligible bidders” that have a 45 day first right of refusal according to SB 1079 How does the process work after the trustee sale for eligible biddersWhat are the risks in buying at trustee sale, including for eligible bidders What are some of the other regulations written into SB1079
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Links we discuss in the video:
Text of SB 1079 
Great summary of SB 1079 by attorneys at Geraci Law Firm 
SB 1079 Legal Toolkit 
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A few real estate books we love!
- Never Split the Difference: Negotiating As If Your Life Depended On It -
- What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures, Updated Edition -
- Every Landlord's Legal Guide -
- California Tenants' Rights -
- The Color of Law -
- The Millionaire Real Estate Agent: It's Not About the Money It's About Being the Best You Can Be -
- The First Wacky Tale of Sam, Charlie & Leo: The Science Olympiad Competition -
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Discussion
just to note SB 1079 60 day move in requirement is specifically tolled for whatever time required to evict current occupants, re: SB 2924(m)(e) A prospective owner-occupant shall not be in violation of this section if a legal owner's compliance with the requirements of Section 2924n renders them unable to occupy the property as their primary residence within 60 days of the trustee's deed being recorded.
Thanks for posting! Yes, after shooting this video we were made aware...that's good news.
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