2012-08-29 — housingwire.com
The new bill could be costly for careless owners of these homes. Fannie Mae, for example, owned more than 10,000 REO properties in California as of June 30, according to its latest financial filing.
If an investor or homeowner buys a property that was foreclosed on at any point since Jan. 1, 2008, the local government must give at least 60 days to remedy any violations found since taking title. The law does give room to provide less time "if deemed necessary."
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