CA Civil Code 1695. Distressed Properties in Chico
November 22nd, 2012 Categories: Chico Sellers, Short Sales
What exactly does CA Civil Code 1695 say, and how does it apply to homeowners in Chico facing short sale or foreclosure?
Civil Code 1695
1695
(a) The Legislature finds and declares that homeowners whose residences are in foreclosure have been subjected to fraud, deception, and unfair dealing by home equity purchasers. The recent rapid escalation of home values, particularly in the urban areas, has resulted in a significant increase in home equities which are usually the greatest financial asset held by the homeowners of this state. During the time period between the commencement of foreclosure proceedings and the scheduled foreclosure sale date, homeowners in financial distress, especially the poor, elderly, and financially unsophisticated, are vulnerable to the importunities of equity purchasers who induce homeowners to sell their homes for a small fraction of their fair market values through the use of schemes which often involve oral and written misrepresentations, deceit, intimidation, and other unreasonable commercial practices.
(b) The Legislature declares that it is the express policy of the state to preserve and guard the precious asset of home equity, and the social as well as the economic value of homeownership.
(c) The Legislature further finds that equity purchasers have a significant impact upon the economy and well-being of this state and its local communities, and therefore the provisions of this chapter are necessary to promote the public welfare.
(d) The intent and purposes of this chapter are the following:
(1) To provide each homeowner with information necessary to make an informed and intelligent decision regarding the sale of his or her home to an equity purchaser; to require that the sales agreement be expressed in writing; to safeguard the public against deceit and financial hardship; to insure, foster, and encourage fair dealing in the sale and purchase of homes in foreclosure; to prohibit representations that tend to mislead; to prohibit or restrict unfair contract terms; to afford homeowners a reasonable and meaningful opportunity to rescind sales to equity purchasers; and to preserve and protect home equities for the homeowners of this state.
(2) This chapter shall be liberally construed to effectuate this intent and to achieve these purposes.
1695.1
The following definitions apply to this chapter:
(a) “Equity purchaser” means any person who acquires title to any residence in foreclosure, except a person who acquires such title as follows:
(1) For the purpose of using such property as a personal residence.
(2) By a deed in lieu of foreclosure of any voluntary lien or encumbrance of record.
(3) By a deed from a trustee acting under the power of sale contained in a deed of trust or mortgage at a foreclosure sale conducted pursuant to Article 1 (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of Division 3.
(4) At any sale of property authorized by statute.
(5) By order or judgment of any court.
(6) From a spouse, blood relative, or blood relative of a spouse.
(b) “Residence in foreclosure” and “residential real property in foreclosure” means residential real property consisting of one- to four-family dwelling units, one of which the owner occupies as his or her principal place of residence, and against which there is an outstanding notice of default, recorded pursuant to Article 1 (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of Division 3.
(c) “Equity seller” means any seller of a residence in foreclosure.
(d) “Business day” means any calendar day except Sunday, or the following business holidays: New Year’s Day, Washington’s Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans’ Day, Thanksgiving Day, and Christmas Day.
(e) “Contract” means any offer or any contract, agreement, or arrangement, or any term thereof, between an equity purchaser and equity seller incident to the sale of a residence in foreclosure.
(f) “Property owner” means the record title owner of the residential real property in foreclosure at the time the notice of default was recorded.
1695.2
Every contract shall be written in letters of a size equal to 10-point bold type, in the same language principally used by the equity purchaser and equity seller to negotiate the sale of the residence in foreclosure and shall be fully completed and signed and dated by the equity seller and equity purchaser prior to the execution of any instrument of conveyance of the residence in foreclosure.
1695.3
Every contract shall contain the entire agreement of the parties and shall include the following terms:
(a) The name, business address, and the telephone number of the equity purchaser.
(b) The address of the residence in foreclosure.
(c) The total consideration to be given by the equity purchaser in connection with or incident to the sale.
(d) A complete description of the terms of payment or other consideration including, but not limited to, any services of any nature which the equity purchaser represents he will perform for the equity seller before or after the sale.
(e) The time at which possession is to be transferred to the equity purchaser.
(f) The terms of any rental agreement.
(g) A notice of cancellation as provided in subdivision (b) of Section 1695.5.
(h) The following notice in at least 14-point boldface type, if the contract is printed or in capital letters if the contract is typed, and completed with the name of the equity purchaser, immediately above the statement required by Section 1695.5(a):
“NOTICE REQUIRED BY CALIFORNIA LAW
Until your right to cancel this contract has ended,
_______ or anyone working for _______
(Name) (Name)
CANNOT ask you to sign or have you sign any deed or any other
document.”
The contract required by this section shall survive delivery of any instrument of conveyance of the residence in foreclosure, and shall have no effect on persons other than the parties to the contract.
1695.4
(a) In addition to any other right of rescission, the equity seller has the right to cancel any contract with an equity purchaser until midnight of the fifth business day following the day on which the equity seller signs a contract that complies with this chapter or until 8 a.m. on the day scheduled for the sale of the property pursuant to a power of sale conferred in a deed of trust, whichever occurs first.
(b) Cancellation occurs when the equity seller personally delivers written notice of cancellation to the address specified in the contract or sends a telegram indicating cancellation to that address.
(c) A notice of cancellation given by the equity seller need not take the particular form as provided with the contract and, however expressed, is effective if it indicates the intention of the equity seller not to be bound by the contract.
1695.5.
(a) The contract shall contain in immediate proximity to the space reserved for the equity seller’s signature a conspicuous statement in a size equal to at least 12-point bold type, if the contract is printed or in capital letters if the contract is typed, as follows:
“You may cancel this contract for the sale of your house without
any
penalty or obligation at any time before
_____________________________________________________________________.
.
(Date and time of day)
See the attached notice of cancellation form for an explanation of
this right.”
The equity purchaser shall accurately enter the date and time of day
on
which the rescission right ends.
(b) The contract shall be accompanied by a completed form in
duplicate,
captioned “notice of cancellation” in a size equal to 12-point bold
type,
if the contract is printed or in capital letters if the contract is
typed, followed by a space in which the equity purchaser shall enter
the date on which the equity seller executes any contract. This form
shall be attached to the contract, shall be easily detachable, and
shall contain in type of at least 10-point, if the contract is
printed
or in capital letters if the contract is typed, the following
statement
written in the same language as used in the contract:
“NOTICE OF CANCELLATION
___________________________________________________________________
(Enter date contract signed)
You may cancel this contract for the sale of your house, without
any penalty or obligation, at any time before
___________________________________________________________________.
(Enter date and time of day)
To cancel this transaction, personally deliver a signed and dated
copy of this cancellation notice, or send a telegram
to _______________________________________________________________,
(Name of purchaser)
at _______________________________________________________________
(Street address of purchaser’s place of business)
NOT LATER THAN _______________________________.
(Enter date and time of day)
I hereby cancel this transaction _______________________________.
(Date)
___________________________________”
(Seller’s signature)
(c) The equity purchaser shall provide the equity seller with a copy of the contract and the attached notice of cancellation.
(d) Until the equity purchaser has complied with this section, the equity seller may cancel the contract.
1695.6
(a) The contract as required by Sections 1695.2, 1695.3, and 1695.5, shall be provided and completed in conformity with those sections by the equity purchaser.
(b) Until the time within which the equity seller may cancel the transaction has fully elapsed, the equity purchaser shall not do any of the following:
(1) Accept from any equity seller an execution of, or induce any equity seller to execute, any instrument of conveyance of any interest in the residence in foreclosure.
(2) Record with the county recorder any document, including, but not limited to, any instrument of conveyance, signed by the equity seller.
(3) Transfer or encumber or purport to transfer or encumber any interest in the residence in foreclosure to any third party, provided no grant of any interest or encumbrance shall be defeated or affected as against a bona fide purchaser or encumbrancer for value and without notice of a violation of this chapter, and knowledge on the part of any such person or entity that the property was “residential real property in foreclosure” shall not constitute notice of a violation of this chapter. This section shall not be deemed to abrogate any duty of inquiry which exists as to rights or interests of persons in possession of the residential real property in foreclosure.
(4) Pay the equity seller any consideration.
(c) Within 10 days following receipt of a notice of cancellation given in accordance with Sections 1695.4 and 1695.5, the equity purchaser shall return without condition any original contract and any other documents signed by the equity seller.
(d) An equity purchaser shall make no untrue or misleading statements regarding the value of the residence in foreclosure, the amount of proceeds the equity seller will receive after a foreclosure sale, any contract term, the equity seller’s rights or obligations incident to or arising out of the sale transaction, the nature of any document which the equity purchaser induces the equity seller to sign, or any other untrue or misleading statement concerning the sale of the residence in foreclosure to the equity purchaser.
(e) Whenever any equity purchaser purports to hold title as a result of any transaction in which the equity seller grants the residence in foreclosure by any instrument which purports to be an absolute conveyance and reserves or is given by the equity purchaser an option to repurchase such residence, the equity purchaser shall not cause any encumbrance or encumbrances to be placed on such property or grant any interest in such property to any other person without the written consent of the equity seller. Nothing in this subdivision shall preclude the application of paragraph (3) of subdivision (b).
1695.7
An equity seller may bring an action for the recovery of damages or other equitable relief against an equity purchaser for a violation of any subdivision of Section 1695.6 or Section 1695.13. The equity seller shall recover actual damages plus reasonable attorneys’ fees and costs. In addition, the court may award exemplary damages or equitable relief, or both, if the court deems such award proper, but in any event shall award exemplary damages in an amount not less than three times the equity seller’s actual damages for any violation of paragraph (3) of subdivision (b) of Section 1695.6 or Section 1695.13; or the court may award a civil penalty of up to two thousand five hundred dollars ($2,500), but it may not award both exemplary damages and a civil penalty. Any action brought pursuant to this section shall be commenced within four years after the date of the alleged violation.
1695.8
Any equity purchaser who violates any subdivision of Section 1695.6 or who engages in any practice which would operate as a fraud or deceit upon an equity seller shall, upon conviction, be punished by a fine of not more than twenty-five thousand dollars ($25,000), by imprisonment in the county jail for not more than one year, or in the state prison, or by both that fine and imprisonment for each violation.
1695.9
The provisions of this chapter are not exclusive and are in addition to any other requirements, rights, remedies, and penalties provided by law.
1695.10
Any waiver of the provisions of this chapter shall be void and unenforceable as contrary to the public policy.
1695.11
If any provision of this chapter, or if any application thereof to any person or circumstance is held unconstitutional, the remainder of this chapter and the application of its provisions to other persons and circumstances shall not be affected thereby.
1695.12
In any transaction in which an equity seller purports to grant a residence in foreclosure to an equity purchaser by any instrument which appears to be an absolute conveyance and reserves to himself or herself or is given by the equity purchaser an option to repurchase, such transaction shall create a presumption affecting the burden of proof, which may be overcome by clear and convincing evidence to the contrary that the transaction is a loan transaction, and the purported absolute conveyance is a mortgage; however, such presumption shall not apply to a bona fide purchaser or encumbrancer for value without notice of a violation of this chapter, and knowledge on the part of any such person or entity that the property was “residential real property in foreclosure” shall not constitute notice of a violation of this chapter. This section shall not be deemed to abrogate any duty of inquiry which exists as to rights or interests of persons in possession of the residential real property in foreclosure.
1695.13
It is unlawful for any person to initiate, enter into, negotiate, or consummate any transaction involving residential real property in foreclosure, as defined in Section 1695.1, if such person, by the terms of such transaction, takes unconscionable advantage of the property owner in foreclosure.
1695.14
(a) In any transaction involving residential real property in foreclosure, as defined in Section 1695.1, which is in violation of Section 1695.13 is voidable and the transaction may be rescinded by the property owner within two years of the date of the recordation of the conveyance of the residential real property in foreclosure.
(b) Such rescission shall be effected by giving written notice as provided in Section 1691 to the equity purchaser and his successor in interest, if the successor is not a bona fide purchaser or encumbrancer for value as set forth in subdivision (c), and by recording such notice with the county recorder of the county in which the property is located, within two years of the date of the recordation of the conveyance to the equity purchaser. The notice of rescission shall contain the names of the property owner and the name of the equity purchaser in addition to any successor in interest holding record title to the real property and shall particularly describe such real property. The equity purchaser and his successor in interest if the successor is not a bona fide purchaser or encumbrancer for value as set forth in subdivision (c), shall have 20 days after the delivery of the notice in which to reconvey title to the property free and clear of encumbrances created subsequent to the rescinded transaction. Upon failure to reconvey title within such time, the rescinding party may bring an action to enforce the rescission and for cancellation of the deed.
(c) The provisions of this section shall not affect the interest of a bona fide purchaser or encumbrancer for value if such purchase or encumbrance occurred prior to the recordation of the notice of rescission pursuant to subdivision (b). Knowledge that the property was residential real property in foreclosure shall not impair the status of such persons or entities as bona fide purchasers or encumbrancers for value. This subdivision shall not be deemed to abrogate any duty of inquiry which exists as to rights or interests of persons in possession of the residential real property in foreclosure.
(d) In any action brought to enforce a rescission pursuant to this section, the prevailing party shall be entitled to costs and reasonable attorneys fees.
(e) The remedies provided by this section shall be in addition to any other remedies provided by law.
1695.15
(a) An equity purchaser is liable for all damages resulting from any statement made or act committed by the equity purchaser’s representative in any manner connected with the equity purchaser’s acquisition of a residence in foreclosure, receipt of any consideration or property from or on behalf of the equity seller, or the performance of any act prohibited by this chapter.
(b) “Representative” for the purposes of this section means a person who in any manner solicits, induces, or causes any property owner to transfer title or solicits any member of the property owner’ s family or household to induce or cause any property owner to transfer title to the residence in foreclosure to the equity purchaser.
1695.16
(a) Any provision of a contract which attempts or purports to limit the liability of the equity purchaser under Section 1695.15 shall be void and shall at the option of the equity seller render the equity purchase contract void. The equity purchaser shall be liable to the equity seller for all damages proximately caused by that provision. Any provision in a contract which attempts or purports to require arbitration of any dispute arising under this chapter shall be void at the option of the equity seller only upon grounds as exist for the revocation of any contract.
(b) This section shall apply to any contract entered into on or after January 1, 1991.
1695.17
(a) Any representative, as defined in subdivision (b) of Section 1695.15, deemed to be the agent or employee, or both the agent and the employee of the equity purchaser shall be required to provide both of the following:
(1) Written proof to the equity seller that the representative has a valid current California Real Estate Sales License and that the representative is bonded by an admitted surety insurer in an amount equal to twice the fair market value of the real property which is the subject of the contract.
(2) A statement in writing, under penalty of perjury, that the representative has a valid current California Real Estate Sales License, is bonded by an admitted surety insurer in an amount equal to at least twice the value of the real property which is the subject of the contract and has complied with paragraph (1). The written statement required by this paragraph shall be provided to all parties to the contract prior to the transfer of any interest in the real property which is the subject of the contract.
(b) The failure to comply with subdivision (a) shall at the option of the equity seller render the equity purchase contract void and the equity purchaser shall be liable to the equity seller for all damages proximately caused by the failure to comply.
As of May 1, 2007
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Updated: 05/16/2008
Chico (and surrounding areas) Foreclosure Properties Coming Soon!
Want the inside scoop on Chico foreclosure properties not yet listed? The following are scheduled for marketing within the next 30 days:
254 E 15th Street, Chico
174 Artesia, Chico
15 Comstock, Chico
CHICO FORECLOSURES
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| $125,900 1 Bedrooms 1 Bathrooms 676 Est. Sq. Ft. |
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| $150,500 2 Bedrooms 1 Bathrooms 1,296 Est. Sq. Ft. |
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| $198,000 3 Bedrooms 2 Bathrooms 1,320 Est. Sq. Ft. |
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| $259,000 3 Bedrooms 2 Bathrooms 1,402 Est. Sq. Ft. |
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| $277,900 # of Units Not Listed |
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| $299,900 2 Bedrooms 2 Bathrooms 1,502 Est. Sq. Ft. |
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| $354,900 3 Bedrooms 2 Bathrooms 2,116 Est. Sq. Ft. |
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MAGALIA FORECLOSURES
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| $49,900 0.22 Acres |
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| $135,700 2 Bedrooms 1 Bathrooms 896 Est. Sq. Ft. |
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| $144,900 2 Bedrooms 2 Bathrooms 1,189 Est. Sq. Ft. |
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| $145,000 3 Bedrooms 2 Bathrooms 1,486 Est. Sq. Ft. |
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| $149,900 3 Bedrooms 1 Full | 1 Partial Bathrooms 1,080 Est. Sq. Ft. |
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| $154,900 3 Bedrooms 1 Bathrooms 1,564 Est. Sq. Ft. |
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| $199,900 2 Bedrooms 2 Bathrooms 1,261 Est. Sq. Ft. |
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| $212,900 2 Bedrooms 2 Bathrooms 1,751 Est. Sq. Ft. |
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| $215,000 3 Bedrooms 2 Bathrooms 1,696 Est. Sq. Ft. |
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ORLAND FORECLOSURES
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| $123,200 3 Bedrooms 1 Full | 1 Partial Bathrooms 1,080 Est. Sq. Ft. |
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| $124,900 3 Bedrooms 1 Bathrooms 1,015 Est. Sq. Ft. |
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Want the inside scoop on foreclosure properties not yet listed? The following are scheduled for marketing within the next 30 days:
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254 E 15th Street, Chico
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CHICO FORECLOSURES
1412 N CHERRY STREET Condos $114,900 2bed 1 bath, 864 sqft, built 1982 (Pending)
2200 NOTRE DAME BLVD Condos $119,900 2 bed 1 bath, 864 sqft, built 1981
269 W Rio Bonito, Biggs SFD $138,000 3 bed, 1.5 bath, 1222 sqft, built 1970
2197 FAIR ST SFD $139,900 1 bed 1 bath, 676 sqft built 1935
1271 E 9TH STREET SFD $160,500 2 bed 1 bath, 1296 sqft, built 1943
2159 SHOSHONEE AVE SFD $174,500 3 bed 2 bath, 1336 sqft, built 1988
9364 HOLLAND AVE, Durham SFD $174,900 3 bed 1.5 bath, 1600 sqft, built 1948
2752 KEITH HOPKINS PL SFD, $179,900 3 bed 2 bath, 1221 sqft, built 1997
1527 B Street SFD $179,900 3 bed 2 bath, 1108 sqft, built 1989
569 WHITE AVE SFD $194,000 3 bed 1 bath, 989 sqft, built 1959
2099 HARTFORD DR SFD $199,900 3 bed 2 bath, 1382 sqft, built 2005
87 KEY WEST LOOP SFD $219,000 3 bed 2 bath, 1126 sqft, built 2006 (Pending)
709 POMONA AVE Duplex ($219,900) 2 bed 1 bath, 1436 sqft, built 1948
8 SUN CIRCLE CT SFD $219,900 3 bed 2 bath, 1160 sqft, built 1986
5259 CHURCH ST (Richvale) SFD $224,900 3 bed 2 bath, 1456 sqft, built 1978
2701 REVERE LN SFD $225,000 4 bed 2.5 bath, 1516 sqft, built 1994 (Pending)
1276 CALLA LN SFD $227,424 4 bed 1.5 bath, 1746 sqft, built 1963 (Pending)
2631 SAN JOSE ST SFD $228,900 4 bed 3 bath, 2135 sqft, built 1960
1081 REY CIR SFD $232,900 4 bed 1.75 bath, 1414 sqft, built 1972 (Pending)
15 GLENSHIRE LN SFD $235,900 4 bed, 1.5 bath, 1305 sqft, built in 1987
747 WATERFORD DR SFD $237,450 3 bed 2 bath, 1374 sqft, built 1980
23 GLENSHIRE LN SFD $239,000 4bed 1.5 bath, 1305 sqft, built 1987 (Pending)
1482 DAYTON RD SFD 2 bed 1 bath, 1001 sqft, built 1990 $249,500
713 WAYNE LN SFD $265,500 4 bed 2 bath, 1525 sqft, built 1956
4330 KEITH LN SFD $269,000 3 bed 1.5 bath, 1392 sqft, built 1976 (Pending)
2718 CEANOTHUS AVE $279,900 3 bed 3 bath, 2060 sqft, built 2006
100 BENSON TERR SFD $279,900 3 be, 2 1/2 bath, 1967 sqft, built 2004
446 W 10TH STREET SFD $284,900 3 bed 1.5 bath, 1870 sqft, built 1910
2 WINDMILL CT SFD $289,000 3 bed 2 bath, 1573 sqft, built 1980 (Pending)
2631 SAN JOSE ST SFD $289,900 4 bed 3 bath, 2135 sqft, built 1960
25 BUNKER CT SFD $299,900 3 bed 2 bath, 1801 sqft, built 2003 (Pending)
13200 HAMILTON NORD SFD $325,000 3 bed 2 bath, 1888 sqft, built 1976
1134 11TH AVENUE SFD $335,300 3 bed 2 bath, 1853 sqft, built in 2004
305 MESA VERDE COURT SFD $347,624 4 bed 3 bath, 2325 sqft, built 2005 (Pending)
832 JACOBS CT SFD $359,900 3 bed 2 bath, 1760 sqft, built 1999
3006 TOP HAND CT SFD $379,900 3 bed 2.5 bath, 2336 sqft, built 1980
352 MESA VERDE COURT SFD $435,000 4 bed 3 bath, 2460 sqft, built 2005
2721 ESCALLONIA WY SFD $439,000 4 bed 3 bath, 2435 sqft, built 2001
454 BROOKSIDE DRIVE SFD $498,000 3 bed 3 bath, 2811 sqft, built 1993
3517 SHADOWTREE LN SFD $549,000 3 bed 3 bath, 3240 sqft, built 2004
10696 PLAYER LN SFD $649,900 3 bed 3 bath, 3342 sqft, built 2005 (Pending)
2766 ALAMO AVE SFD $695,000 4 bed 3 bath, 3600 sqft, built 1996
LOS MOLINOS FORECLOSURES
24890 KELLIE WAY SFD $199,900 3 bed 2 bath, 1252 sqft, built 1968
MAGALIA FORECLOSURES
13996 JARVIS CIR MFD $89,000 3 bed 2 bath, 1536 sqft, built 1976
13721 ENDICOT CIR MFD $129,500 2 beds 2 baths, 1616 sqft, built 1979
13980 CASCADE DR SFD $149,900 3 bed 1.75 bath, 1080 sqft, built 1980
14549 CARNEGIE RD SFD $159,000 3 beds 2 baths, 1486 sqft, built 1992
13695 ANDOVER DR SFD $168,900 3 bed 1 bath, 1564 sqft, built 1982
14569 ASHEVILLE DR SFD $169,900 2 bed 2.25 bath, 1738 sqft, built 1981 (Pending)
6560 HURON CT SFD $209,900 2 bed 2 bath, 1260 sqft, built 1980
14560 CARNEGIE RD SFD $212,900 2 bed 2 bath, 1751 sqft, built 1979
15220 SKYWAY SFD $215,000 3 bed 2 bath, 1696 sqft, built 1979
14569 ASHEVILLE DR SFD $219,900 2 bed 2.25 bath, 1738 sqft, built 1981
14658 BRIDGEPORT CIR SFD $261,250 3 bed 2 bath, 1903 sqft, built 2005
ORLAND FORECLOSURES
801 PECAN ST SFD $145,000, 3 bed 1.5 bath, 1080 sqft, built 1986
1311 FAIRVIEW ST SFD $135,000 3 bed 1 bath, 1000 sqft, built 1993
621 COLUSA ST SFD $136,900 3 bed 1 bath, 1015 sqft, built 1940
802 DATE ST SFD $149,900 3 bed 2 bath, 1080 sqft, 1988
803 PECAN CIR SFD $152,900 3 bed 2 bath, 1080 sqft, built 1986
1309 FAIRVIEW ST SFD $169,000 3 bed 1.5 bath, 1080 sqft, built 1993
802 DATE ST SFD $169,900 3 bed 2 bath, 1080 sqft, built 1988
611 WOODWARD AVE SFD $190,000 3 bed 2 bath, 1402 sqft, built 1948 (Pending)
778 JACQUELYN DRIVE SFD $249,900 3 bed 2.5 bath, 1773 sqft, built 2006
120 THIRD STREET SFD $259,000 3 bed 2 bath, 2063 sqft, built 2005
6202 CO RD 15 SFD $299,900 3 bed 2.5 bath, 2300 sqft, built 1977 (Pending)
6705 CO RD 20 $354,900 4 bed 3 bath, 2114 sqft, built 2005
OROVILLE FORECLOSURES
3320 Columbia Ave SFD $68,432 3 bed 1 bath 680 sqft, built 1949
2364 A STREET SFD $69,900 2 bed 1 bath, 864 sqft, built 1935 (Pending)
881 POMONA Ave SFD $78,900 2 bed 1 bath, 988 sqft, built 1921 (Pending)
4935 LINCOLN BLVD SFD $79,900 3 bed 2 bath, 1152 sqft, built 1981
2765 ORO BANGOR HWY SFD $84,900 3bed, 1bath, 1008 sqft, built in 1987 (Pending)
292 APACHE CIR SFD $91,080 2 bed 2 bath, 1440 sqft, built 1976
29 ROSITA WAY SFD $98,000 3 bed 1 bath, 960 sqft, built 1963 (Pending)
2151 OROVILLE BANGOR Duplex! $99,900 built 1954
1080 TEHAMA AVE SFD $104,900 1 bed 1 bath, 912 sqft, built 1949
118 NELSON AVE SFD $109,990 3 bed 2 bath, 1552 sqft, built1965
2126 GRAY ST SFD $120,900 3 bed 2 bath, 1080 sqft, built 1992
3451 ORO BANGOR HWY SFD $134,900 3 bed 1 bath, 1266 sqft, built 1950
1020 BUTTE AVE SFD $139,900 2 bed 1 bath, 1030 sqft, built 1959
1604 SWEEM ST SFD $149,000 4 bed 2 bath, 1597 sqft, built 1960
1687 LETA LN SFD $152,600 2 bed 2 bath, 1038 sqft, built 1978
220 CANYON DR SFD $149,900 4 bed 2 bath, 1894 sqft, built 1954
18 WESTWOOD WAY SFD $158,900 3 bed 2 bath, 1152 Sqft, built 1979
853 HARLAN AVE SFD $159,900 3 bed 1 bath, 1088 sqft, built 1951
3081 ORANGE AVE SFD $161,000 3 bed 2 bath, 1443 sqft, built in 1954
1445 7TH AVENUE SFD $173,000 2 bed 1 bath, 1228 sqft, built 1925
11 GLEN CIR SFD $178,900 3 bed 2 bath, 1936 sqft, built 1963
37 SELF LN SFD $184,000 2 bed 1 bath, 1240 sqft, built 1982 (Pending)
21 LA CRESENTA DR $189,900 3 bed 2 bath, 1338 sqft, built 1951
3131 TRES VIAS RD $199,900 3 bed 2 bath, 1787 sqft, built 1968
30 RIDGE LINE CT SFD $204,900 2 bed 2 bath, 1381 sqft, built 1990
105 ANTLER DRIVE $221,900 4 bed 2 bath, 1687 sqft, built 2005 (Pending)
17 LA FORET DR SFD $259,900 3bed 3 bath, 2344 sqft, built 1983
3615 HILDALE AVE SFD $277,200 3 bed 2 bath, 1778 sqft, built 1961
2680 HWY 70 SFD $322,900 2 bed 2 bath, 1836 sqft, built 1981
PARADISE FORECLOSURES
6221 CLARK RD SFD $99,900 1 bed 1bath, 1182 sqft, built 1955 (Pending)
1835 DRENDEL CIR SFD $114,900 4 bed 1 bath (Pending)
6338 DIAMOND AVE SFD $129,900 2 bed 1 bath, 1147 sqft, built 1949 (Pending)
1537 SYLVAN WAY SFD $130,000 2 bed 1 bath, 1056 sqft, built 1954 (Pending)
5371 SAWMILL RD SFD $139,000 2bed 1 bath, 1014 sqft, built 1950 (Pending)
5757 HOLLY LN SFD $139,900 1bed 1 bath + den, 1080 sqft, built 1948
5571 KEITH LN SFD $135,900 2 bed 1 bath, 904 sqft, built 1940
463 VALLEY VIEW DR SFD $138,000 2 bed 2 bath, 1020 sqft, built 1947 (Pending)
1115 NUNNELEY SFD $140,500 3 bed 2 bath, 1626 sqft, built 1950
1462 ELLIOTT RD SFD $158,900 2 bed 1 bath, 1064 sqft, built 1954 (Pending)
1481 MAGGIES LN SFD $159,900 2 bed 1.5 bath, 996 sqft, built 1980
6893 LUNAR LN SFD $164,900 2 bed 1.5 bath, 988 sqft, built 1970
6104 OLIVER RD SFD $169,900 2 bed 1 bath, 1054 sqft, built 1950 (Pending)
1363 PEARSON RD SFD $177,900 3 bed 1 bath, 1056 sqft, built 1988 (Pending)
5575 SIERRA PARK DR SFD $190,000 3 bed 2 bath, 1420 sqft, built 1948
5811 PERRY MASON LN SFD $195,000 2 bed 1.5 bath, 1799 sqft, built 1956
490 WILLS LN SFD $199,900 3 bed 2 bath, 1505 sqft, built 1976 (Pending)
616 CIRCLEWOOD DR SFD $209,000 2 bed 2 bath, 1520 sqft, built 1979 (Pending)
481 TIGER TAIL LN SFD $210,000 2 bed 1 bath, 1428 sqft, built 1925
1658 JARAMILLO LN SFD $219,000 2 bed 2 bath, 1530 sqft, built 2006
5892 COPELAND RD SFD $225,000 3bed 2 bath, 1715 sqft, built 1966
1658 JARAMILLO SFD $239,000 2 bed 2 bath, 1530 sqft, built 2006
1752 WHITAKER RD SFD $239,900 3 bed 1.5 bath, 1435 sqft, built 1962 (Pending)
1460 SUMMER LN SFD $258,500 3 bed 2 bath, 1731 sqft, built 1968
1635 ALEXIS LN SFD $262,000 6bed 3 bath, 2977 sqft, built 1981
6165 SAWMILL RD SFD $269,900 4 bed 2 1/2 bath, 1936 sqft, built 1979
1246 ELLIOTT RD SFD $345,000 4 bed 3 bath, 2236 sqft, built 1960
3366 HAMLIN CANYON CT SFD $ 384,900 4 bed 3 bath, 2548 sqft built 1992 (Pending)
3591 SUNVIEW RD SFD $389,900 3 bed 2.5 bath, 2107 sqft, built 2002
WILLOWS FORECLOSURES
319 N SHASTA STREET SFD $85,000 2 bed 1 bath, 703 sqft, built 1950 (Pending)
1052 ELM ST SFD $121,900 2 bed 1 bath, 958 sqft, built 1970
651 GLENNWOOD LN SFD $125,000 3 bed 2 bath, 1354 sqft, built 1979
430 W ASH ST SFD $145,000 3 bed 1 bath, 1535 sqft, built 1910
833 W SYCAMORE ST SFD $149,500 3 bed 1 bath, 1100 sqft, built 1915
695 E WOOD ST SFD $145,000 3 bed 2 bath, 1200 sqft, built 1940 (Pending)
1271 E 9TH STREET SFD $168,500 2 bed 1 bath, 1296 sqft, built in 1943
612 GLENNWOOD LN SFD $174,900 3 bed 2 bath, 1100 sqft, built 1972
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Do you need more information on any of these properties? Call your local Chico Foreclosure Realtor, Sandi Bauman. 530-864-5407.
MUST HAVE information:
Foreclosures: What you should know BEFORE you make an offer, Part 1
Foreclosures: What you should know BEFORE you make an offer, Part 2
Foreclosures: What you should know BEFORE you make an offer, Part 3
Chico, California Foreclosures and West Nile Virus
| Discussion: Comments Off on Invest in a Chico, Paradise or Oroville Foreclosure Property!
Chico Buyers and Sellers: Is a Lease Option the Right Option?
April 11th, 2008 Categories: Chico Buyers, Chico Sellers
by Mike Wiegert
“Mortgage Meltdown” or “current mortgage crisis” are terms we commonly hear these days to describe an astonishing lack of real estate financing options. 100 percent financing, stated income and loans for borrowers with marginal credit, once common two or three years ago are now a thing of the past. In fact, these frivolously used loan programs were largely responsible for the hyperinflation in real estate prices seen during the first five years of the new millennium and the now subsequent alarming rate of foreclosures and short sales. Due to a lack of “easy” financing programs, we’re starting to see some of the creative techniques of home selling once popular in similarly slow real estate markets creeping back into use. One of the most commonly used methods of acquiring real property in times of stringent financing requirements has been the Lease Option Purchase.
A lease option basically means you are leasing or renting a Chico property with an option to buy it at a future date. The future price of the property should be fixed at the time the lease-option is signed.
Usually there is an up-front payment of some amount to purchase the option. The amount can vary. Sometimes the monthly payment is larger than normal and the excess is used to purchase the option. In some cases, the option money can be applied toward the down payment for the later purchase of the home.
The problem with most lease option agreements is that although most buyers using this type of sales agreement actually do intend to purchase or execute the agreement within the stipulated period of time, they rarely end up buying the home. Buyers using the lease option agreement most often do so because they cannot qualify for a home loan. Although they expect their financial issues to change, most of the time they find that they still cannot qualify. The process of qualifying for a mortgage requires a gamut of components, ie., credit, documentable income and savings verification. A would be buyer using the lease option agreement means well, but frequently is unable to resolve adverse credit issues and subsequently is unable to complete the transaction and loses the option money consideration.
BUYER BEWARE: A buyer wishing to enter into a lease option agreement may do so with all good faith. A well written lease option agreement will include a provision whereby upon the onset of the agreement, a Preliminary Title Report is issued by a Chico Title Company disclosing all the known liens, encumbrances and legal claims that may be attached to the property. The best title report in the world isn’t going to reveal that the Seller may be in financial trouble and a foreclosure may be just around the corner. Although the lease option agreement will stipulate that the Seller is to continue to make the monthly payments and taxes and maintain the property insurance, it’s certainly conceivable that a less than honest Seller may elect to accept a buyer’s option money and discontinue paying on the property.
A few months down the road, an unsuspecting buyer may find that the home in Chico is now in foreclosure and after the title reverts to the bank or an auction buyer, they may be faced with an eviction notice.
Of course, the buyer will have legal recourse against the seller but may not have the financial means to proceed against the him. In most cases, the seller will have used the option money deposit to resolve other financial difficulties and not have the resources to remedy a judgement against him. A possible solution to this dilemma, is for the parties to agree to leave the option money in a neutral escrow, until such time that the option is either executed or the lease option agreement is terminated.
Whatever creative proposals are considered, as always, when engaging in a complicated real estate transaction, do so with a trusted real estate professional or attorney who can explain all the ramifications of the sale.
| Discussion: 1 Comment »
Foreclosures: What you should know BEFORE you make an offer, Part 3
November 18th, 2007 Categories: Anatomy of a Chico CA Real Estate Transaction, Chico Buyers, Chico CA Foreclosure Listings
This is part 3 in a series of helpful hints to purchasing foreclosures in Chico, CA.
Did you miss parts 1 and 2? Read here!
Foreclosures: What you should know BEFORE you make an offer, Part 1
Foreclosures: What you should know BEFORE you make an offer, Part 2
Chico CA real estate buyers and investors LOVE foreclosures.
The problem is, there aren’t that many to go around! Many areas of California have experienced a high influx of foreclosures thanks to the recent mortgage meltdown. Chico, CA however has fared a little better in terms of relative numbers of repossessions.
Chico CA buyers are competing to snatch up the bank-owned (REO) property when it DOES come along. It’s important to remember, however, that purchasing an REO property can be quite a bit different than a traditional Chico CA real estate purchase.
Before offering on a Chico, CA REO property, you should know:
1. It’s important to have a preapproval letter from your lender. Most of the banks I’ve dealt with require that the preapproval be submitted with your initial purchase offer. Without it, they won’t waste their time reviewing your paperwork. While this makes good sense anytime you are offering on a property, it’s critical for an REO listing.
2. The bank also wants to prequalify you themselves.
They want to see the letter from your preferred lender, but they won’t necessarily trust it! Oftentimes, you will be required to fill out their credit application just so they can verify that you do indeed qualify for the loan amount, or are otherwise financially stable. Although they would be happy to process your loan, you are still pursue a loan through the lender of your choice.
3. The bank is picky when it comes to title companies.
Typically, a buyer has some say about which title company they prefer, and even which officer they would like to work with. The bank really doesn’t care if your friend Sue is the best title officer in the county and her office is only 2 blocks from your new house. Most of the time, they already have a title company and officer designated, and the point is non-negotiable. The best part? The title company is usually out of the area, and unfamiliar with local practices.
Like what you’re reading?
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Still want to be part of the foreclosure frenzy taking place in Chico CA real estate? Contact me, and I will work to find you the perfect Chico REO property for your needs.
Sandi Bauman, Chico CA Realtor: 530-864-5407.
Related reads:
Short escrow? Get your ducks in a row BEFORE you make an offer.
What is the Difference between Prequalification and Preapproval?
Why Should I Get Preapproved for a Chico, CA Home?
Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.
| Discussion: 4 Comments »
Short escrow? Get your ducks in a row BEFORE you make an offer.
November 2nd, 2007 Categories: Anatomy of a Chico CA Real Estate Transaction, Chico Buyers, Chico CA Real Estate News, Chico Sellers, My Opinion on Things
There is no disputing the fact that Chico, CA is currently in what is commonly known as a “Buyer’s Market.”
That is FABULOUS news for all the buyers out there who have patiently been waiting for this day. The inventory is high, the prices have dropped, and the interest rates are still phenomenal!
Now is the time to get a great deal! 
A “Buyer’s Market” is a wonderful thing. A Chico, CA home that might have cost $400,000 in 2005 may only set you back $350,000 today. On average, prices seem to have corrected between 10 and 15 percent for residential properties.
I have noticed a growing trend with buyers. In an effort to get the absolute lowest price on a property, they attempt to entice the sellers with a very short escrow period. For some sellers, a quick sale in this market is a dream come true! They need out from under that house payment, and will gladly accept less than asking price just to be DONE.
However, when representing a seller, I have had to caution against signing the first contract we see, simply because the buyer promises to make it the pain go away with a 10 day escrow. The offer to close in 10 days is an empty one if the buyer has not done his homework.
The following items must be taken into consideration to close an escrow quickly:
- Is the buyer preapproved?
- Is the lender local and knowledgeable about our issues and resources?
- Is the lender willing to commit to closing on time?
- What kind of loan product is the buyer applying for? A VA loan, for instance, is highly unlikely to close in less than 30 days.
- What inspections does the buyer request? Well potability tests may require 14 days or more to obtain results.
- Can we get the appraisal completed immediately?
- Will repairs be required by the lender to fund the loan? If so, is there a contractor available to bid, complete, and final the work within a days notice?
An escrow that closes quickly can be a wonderful solution for both the buyer and the seller, but it doesn’t happen without forethought, preparation, and a willingness for all parties to be focused on immediate results.
If you are a buyer, hoping to get the best deal of the year by offering to close quickly, get your ducks in a row BEFORE you make an offer. No seller in their right mind will accept your offer if you aren’t prepared to close the deal.
Like what you’re reading?
Click here to SUBSCRIBE to Chico CA Real Estate Blog and MLS Listings Search!
Shopping for Chico foreclosure property? Give me a call- I’m currently working with several REO departments on bank-owned Chico property. Sandi Bauman 530-864-5407
Looking to buy or sell Chico CA Real Estate? Need a Top Producing Chico CA Realtor? Call Sandi Bauman 530-864-5407 or email [email protected]. Specializing in REO, residential, relocation, investment & ag property.
| Discussion: 6 Comments »
