MARYLAND
Pre-Foreclosures * Restricts fees and services investors can offer homeowners. * Seller gets 10-day right to cancel contract. *** Investor must reimburse 82% of proceeds to seller if reselling the home for profit.
Landlording
* All rental property must be inspected for lead paint each vacancy (6 month backlog waiting on inspectors, and CANNOT EVICT until inspection completed).
NORTH CAROLINA
Subject-To
* Buying subject-to can only be done with lender approval - making it effectively impossible. Owner Financing
* Only brokers can give advice on loans, and recommending a broker is illegal (so, technically, 'owner financing' and 'wraps' may be against the law). | COLORADO
Pre-Forecloures
* Similar restrictions to Maryland (at left).
ILLINOIS
Pre-Foreclosures
* Expands Maryland law to include any distressed homeowner who is 90-days behind (and investor can violate this without knowing - because there is no public record).
"Mortgage Rescue"
* Banned (can't charge fees, etc.) HAWAII
Anti-Flipping
* New "conveyance" tax - collected once on buy, then twice more on re-sale (means 6 times for a double-close on a wholesale flip).
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