FYI….
New Colorado Law Curtails Short Sale Flips
Colorado’s Governor just signed HB 10-1133 into law, a bill that makes some major amendments to the Colorado Foreclosure Protection Act. If you’re a short sale investor who buys and flips short sales, you need to read this law.
The main target of the bill is the so called “short sale flipper.” If you plan on flipping a short sale property within 14 days of your purchase, the law will require you to inform all parties involved (including the parties’ lenders) about both transactions (including the profit you intend to make). Here’s how the law works:
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