Me too.
I'll bet the press is wondering the same thing.
A thought occurs to me that one of the properties may be for the boy's home--computers and letters, since the rumors have been that letters between the boy and Jackson were also retrieved at Neverland. Nachman on MSNBC just said he wondered about the two search warrants because they said they had been for properties in "Southern California" and Nachman said that wouldn't really apply to Santa Barbara to his mind. I think the boy involved lives in L.A..
And, gross speculation on my part, the story so far--based on rumors and media who have demonstrated they aren't the most reliable, so take it for what it's worth--is that the boy told a counselor about what was going on. It did not say his parents brought him to police. Also they emphasized in the press conference that now a child can be compelled to testify.
I at first discarded the idea one of the warrants would be for them if their house was opened voluntarily to police. But maybe they need one for legal reasons, or perhaps the cooperation isn't total. That is ONLY speculation on my part and I hope and pray these parents have one priority in their mind and that is the well-being of their son and seeing justice done.