Home › Forums › Closed Forums › Buying and Selling RE › Bank accepted offer – scarry addendum
- This topic has 115 replies, 14 voices, and was last updated 16 years, 4 months ago by
bsrsharma.
-
AuthorPosts
-
July 22, 2009 at 9:55 AM #435778July 22, 2009 at 11:16 AM #435097
Zeitgeist
ParticipantThink about getting a home warranty because of the age of the house and its appliances, unless they have been upgraded.
July 22, 2009 at 11:16 AM #435303ParticipantThink about getting a home warranty because of the age of the house and its appliances, unless they have been upgraded.
July 22, 2009 at 11:16 AM #435620ParticipantThink about getting a home warranty because of the age of the house and its appliances, unless they have been upgraded.
July 22, 2009 at 11:16 AM #435694ParticipantThink about getting a home warranty because of the age of the house and its appliances, unless they have been upgraded.
July 22, 2009 at 11:16 AM #435863ParticipantThink about getting a home warranty because of the age of the house and its appliances, unless they have been upgraded.
July 22, 2009 at 1:14 PM #435172AK
ParticipantJust saw an REO addendum from a major servicer with this clause:
“AT ANY TIME AFTER THE EXECUTION BY SELLER OF EITHER THE CONTRACT OR THE ADDENDUM, SELLER SHALL HAVE THE UNLIMITED RIGHT, AND AT ITS COMPLETE DISCRETION, TO ELECT TO DEEM THE SALES CONTRACT AND/OR ADDENDUM BETWEEN BUYER AND SELLER NULL AND VOID AND NOT CLOSE THE TRANSACTION FOR ANY REASON AND THE PARTIES SHALL BE RESTORED TO THEIR ORIGINAL POSITIONS AS IF THE CONTRACT AND ADDENDUM NEVER EXISTED. SHOULD SELLER EXERCISE ITS DECISION TO NULLIFY THE CONTRACT AND/OR ADDENDUM, THEN SELLER SHALL RETURN THE DEPOSIT, AS DEFINED IN PARAGRAPH B(5) TO BUYER. HOWEVER, IT IS SELLER’S SOLE DECISION AS TO WHETHER OR NOT IT WILL REIMBURSE BUYER FOR ANY COSTS AS DEFINED IN PARAGRAPH B(6) OR OTHERWISE.”
Translation: Heads I win, tails you lose.
This is so inequitable I wonder if it’s legally enforceable.
July 22, 2009 at 1:14 PM #435378ParticipantJust saw an REO addendum from a major servicer with this clause:
“AT ANY TIME AFTER THE EXECUTION BY SELLER OF EITHER THE CONTRACT OR THE ADDENDUM, SELLER SHALL HAVE THE UNLIMITED RIGHT, AND AT ITS COMPLETE DISCRETION, TO ELECT TO DEEM THE SALES CONTRACT AND/OR ADDENDUM BETWEEN BUYER AND SELLER NULL AND VOID AND NOT CLOSE THE TRANSACTION FOR ANY REASON AND THE PARTIES SHALL BE RESTORED TO THEIR ORIGINAL POSITIONS AS IF THE CONTRACT AND ADDENDUM NEVER EXISTED. SHOULD SELLER EXERCISE ITS DECISION TO NULLIFY THE CONTRACT AND/OR ADDENDUM, THEN SELLER SHALL RETURN THE DEPOSIT, AS DEFINED IN PARAGRAPH B(5) TO BUYER. HOWEVER, IT IS SELLER’S SOLE DECISION AS TO WHETHER OR NOT IT WILL REIMBURSE BUYER FOR ANY COSTS AS DEFINED IN PARAGRAPH B(6) OR OTHERWISE.”
Translation: Heads I win, tails you lose.
This is so inequitable I wonder if it’s legally enforceable.
July 22, 2009 at 1:14 PM #435696ParticipantJust saw an REO addendum from a major servicer with this clause:
“AT ANY TIME AFTER THE EXECUTION BY SELLER OF EITHER THE CONTRACT OR THE ADDENDUM, SELLER SHALL HAVE THE UNLIMITED RIGHT, AND AT ITS COMPLETE DISCRETION, TO ELECT TO DEEM THE SALES CONTRACT AND/OR ADDENDUM BETWEEN BUYER AND SELLER NULL AND VOID AND NOT CLOSE THE TRANSACTION FOR ANY REASON AND THE PARTIES SHALL BE RESTORED TO THEIR ORIGINAL POSITIONS AS IF THE CONTRACT AND ADDENDUM NEVER EXISTED. SHOULD SELLER EXERCISE ITS DECISION TO NULLIFY THE CONTRACT AND/OR ADDENDUM, THEN SELLER SHALL RETURN THE DEPOSIT, AS DEFINED IN PARAGRAPH B(5) TO BUYER. HOWEVER, IT IS SELLER’S SOLE DECISION AS TO WHETHER OR NOT IT WILL REIMBURSE BUYER FOR ANY COSTS AS DEFINED IN PARAGRAPH B(6) OR OTHERWISE.”
Translation: Heads I win, tails you lose.
This is so inequitable I wonder if it’s legally enforceable.
July 22, 2009 at 1:14 PM #435769ParticipantJust saw an REO addendum from a major servicer with this clause:
“AT ANY TIME AFTER THE EXECUTION BY SELLER OF EITHER THE CONTRACT OR THE ADDENDUM, SELLER SHALL HAVE THE UNLIMITED RIGHT, AND AT ITS COMPLETE DISCRETION, TO ELECT TO DEEM THE SALES CONTRACT AND/OR ADDENDUM BETWEEN BUYER AND SELLER NULL AND VOID AND NOT CLOSE THE TRANSACTION FOR ANY REASON AND THE PARTIES SHALL BE RESTORED TO THEIR ORIGINAL POSITIONS AS IF THE CONTRACT AND ADDENDUM NEVER EXISTED. SHOULD SELLER EXERCISE ITS DECISION TO NULLIFY THE CONTRACT AND/OR ADDENDUM, THEN SELLER SHALL RETURN THE DEPOSIT, AS DEFINED IN PARAGRAPH B(5) TO BUYER. HOWEVER, IT IS SELLER’S SOLE DECISION AS TO WHETHER OR NOT IT WILL REIMBURSE BUYER FOR ANY COSTS AS DEFINED IN PARAGRAPH B(6) OR OTHERWISE.”
Translation: Heads I win, tails you lose.
This is so inequitable I wonder if it’s legally enforceable.
July 22, 2009 at 1:14 PM #435938ParticipantJust saw an REO addendum from a major servicer with this clause:
“AT ANY TIME AFTER THE EXECUTION BY SELLER OF EITHER THE CONTRACT OR THE ADDENDUM, SELLER SHALL HAVE THE UNLIMITED RIGHT, AND AT ITS COMPLETE DISCRETION, TO ELECT TO DEEM THE SALES CONTRACT AND/OR ADDENDUM BETWEEN BUYER AND SELLER NULL AND VOID AND NOT CLOSE THE TRANSACTION FOR ANY REASON AND THE PARTIES SHALL BE RESTORED TO THEIR ORIGINAL POSITIONS AS IF THE CONTRACT AND ADDENDUM NEVER EXISTED. SHOULD SELLER EXERCISE ITS DECISION TO NULLIFY THE CONTRACT AND/OR ADDENDUM, THEN SELLER SHALL RETURN THE DEPOSIT, AS DEFINED IN PARAGRAPH B(5) TO BUYER. HOWEVER, IT IS SELLER’S SOLE DECISION AS TO WHETHER OR NOT IT WILL REIMBURSE BUYER FOR ANY COSTS AS DEFINED IN PARAGRAPH B(6) OR OTHERWISE.”
Translation: Heads I win, tails you lose.
This is so inequitable I wonder if it’s legally enforceable.
July 22, 2009 at 4:11 PM #435236sdrealtor
ParticipantI have a client that is a tenured Law School professor who is buying a property. I once gave him a CW REO addendum to read and it almost killed him. He said it was the worst written most one-sided document he had ever seen and that there is no way he could ever sign something like that.
July 22, 2009 at 4:11 PM #435443ParticipantI have a client that is a tenured Law School professor who is buying a property. I once gave him a CW REO addendum to read and it almost killed him. He said it was the worst written most one-sided document he had ever seen and that there is no way he could ever sign something like that.
July 22, 2009 at 4:11 PM #435761ParticipantI have a client that is a tenured Law School professor who is buying a property. I once gave him a CW REO addendum to read and it almost killed him. He said it was the worst written most one-sided document he had ever seen and that there is no way he could ever sign something like that.
July 22, 2009 at 4:11 PM #435834ParticipantI have a client that is a tenured Law School professor who is buying a property. I once gave him a CW REO addendum to read and it almost killed him. He said it was the worst written most one-sided document he had ever seen and that there is no way he could ever sign something like that.
-
AuthorPosts
- The forum ‘Buying and Selling RE’ is closed to new topics and replies.
