California Foreclosure Sale Changes with Michael Belote, California Advocates #DDRE15
President of California Advocates, Mike Belote, has a rich history in the lobbying industry for real estate in California. California SB 1079 recently passed will have undeniable impacts on local California investors that buy at trustee sale with the introduction of a 45-day redemption period. Mike, Sean, and Aaron discuss how this bill came to be, what it says, and likely impacts to Main Street.
00:00 The Data Driven Real Estate Podcast welcomes Mike Belote with California Advocates
06:54 What is SB 1079 and how does it change the California trustee sale buying and foreclosure process?
08:16 The important role that institutional Wall Street real estate buyers played during the Great Recession
10:43 How the legislative process works in California in a supermajority state
13:01 How many homes did Wall Street buy during the Great Recession and how many do they still have?
18:43 Who really pays for the city fines on foreclosed homes? It's not the banks or lenders like some might think.
23:25 Why California SB 1079 and the 45-day redemption will create less competition and potentially create more foreclosures
28:35 The new 45-day redemption rules after trustee sale and eligible bidders
33:46 How less competition at trustee sale steals millions from homeowners
39:49 How large institutional buyers and nonprofits might work together at trustee sale squeezing out local investors
47:48 The issue with squatters after the trustee sale
52:40 How real estate investors can better protect themselves from over-regulation or at least be aware of what's coming