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  • July 22, 2009 at 9:55 AM #435778
    Rt.66
    Participant

    If you agreed to buy a home from me today, in this economy, with this level of market manipulation, REO inventory, and this level of foreclosures in the pipleline….I’d want you to close ASAP. As in “what would it take to get you into this house today” kinda FAST!

    The reason you can’t see the “why” is probably related to why you are buying at all.

    July 22, 2009 at 11:16 AM #435097
    Zeitgeist
    Participant

    Think 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 #435303
    Zeitgeist
    Participant

    Think 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 #435620
    Zeitgeist
    Participant

    Think 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 #435694
    Zeitgeist
    Participant

    Think 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 #435863
    Zeitgeist
    Participant

    Think 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 #435172
    AK
    Participant

    Just 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 #435378
    AK
    Participant

    Just 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 #435696
    AK
    Participant

    Just 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 #435769
    AK
    Participant

    Just 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 #435938
    AK
    Participant

    Just 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 #435236
    sdrealtor
    Participant

    I 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 #435443
    sdrealtor
    Participant

    I 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 #435761
    sdrealtor
    Participant

    I 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 #435834
    sdrealtor
    Participant

    I 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.

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