[quote=bsrsharma]This is so inequitable I wonder if it’s legally enforceable.
I think anyone who wants to buy an REO is obviously weighing the risk of buying an “As Is” property with all the “Defects” in order to get a good deal. (Some times 30% off). So, it is essentially a “Venture Capital” operation. You buy a 600K property for 400K with a small chance of having a surprise $50K repair.[/quote]
Did you even read what I posted?
I was talking about an addendum that gave the servicer the right to void a signed contract at any time before closing, with no guarantee that the buyer would be reimbursed for costs incurred.
Only a bank or a servicer would consider that clause to be fair 🙂
And anyone who thinks that REOs are going for 30% off true market value … must’ve bought in 2005 🙂
