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SD Realtor.
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July 29, 2008 at 9:53 AM #248866July 29, 2008 at 11:41 AM #248674
Cosmo31
ParticipantThanks to Greater and Lesser Yoda for all the input. You have eased some of my fears about this purchase addendum and you will probably make my last two days of vacation a bit less alcohol laden because my decreased stress level. Yes, I am thinking about this purchase during my vacation. It happens to fall on my Big Bear get-away, hence my late response to all the useful information.
Urban,
You were spot-on with the 3 different inspection periods listed in the same paragraph. I was under the impression that 17 days was required by law. The addendum says the buyer must inspect the property within 17 calendar days from the “Financial Terms Acknowledgement Date” but buyer must notify the seller of “objections to the condition” (dead bodies covered in mold) within 10 calendar days. However, if the seller makes repairs, 15 days after the repair is the duration of the inspection time. Can’t the hermetically sealed gnomes take an average and say 14 days is the universal inspection time? We will definitely clarify the time for inspection.I’m still not clear about the “Lending contingency period.” I have no contingencies such as buying this home is contingent upon selling another. But I am not sure if that example is one you are speaking of. Do all property purchases have contingency periods?
SD,
With all the good advice you have graciously bestowed, I have trouble calling you ‘Lesser Yoda.’ I think Urban is a gifted yet overzealous young jedi.I’m glad the examples listed from the addendum did not seem so completely out of the ordinary to you. My big question was whether this contract was as bogus as my loan agent said. You have shown me that I am possibly injecting a bit too much fear into this process. Oh, let me inject some more fear: my biggest fear is that this middleman company will string out the process and milk me for the $510.00/day penalty because they are dirty, low-down, faceless, nameless, slime-oosing, tentacle-dragging, bottom feeders. Or, maybe they are fair agents trying to unload homes in a timely fashion. There is NO way for me to know. Even though my loan agent spoke to a representative from the company and he felt more at ease after that conversation, it is still my name on that contract.
UCGal,
Your story sounds really familiar.Thanks a TON for all the info.
July 29, 2008 at 11:41 AM #248906Cosmo31
ParticipantThanks to Greater and Lesser Yoda for all the input. You have eased some of my fears about this purchase addendum and you will probably make my last two days of vacation a bit less alcohol laden because my decreased stress level. Yes, I am thinking about this purchase during my vacation. It happens to fall on my Big Bear get-away, hence my late response to all the useful information.
Urban,
You were spot-on with the 3 different inspection periods listed in the same paragraph. I was under the impression that 17 days was required by law. The addendum says the buyer must inspect the property within 17 calendar days from the “Financial Terms Acknowledgement Date” but buyer must notify the seller of “objections to the condition” (dead bodies covered in mold) within 10 calendar days. However, if the seller makes repairs, 15 days after the repair is the duration of the inspection time. Can’t the hermetically sealed gnomes take an average and say 14 days is the universal inspection time? We will definitely clarify the time for inspection.I’m still not clear about the “Lending contingency period.” I have no contingencies such as buying this home is contingent upon selling another. But I am not sure if that example is one you are speaking of. Do all property purchases have contingency periods?
SD,
With all the good advice you have graciously bestowed, I have trouble calling you ‘Lesser Yoda.’ I think Urban is a gifted yet overzealous young jedi.I’m glad the examples listed from the addendum did not seem so completely out of the ordinary to you. My big question was whether this contract was as bogus as my loan agent said. You have shown me that I am possibly injecting a bit too much fear into this process. Oh, let me inject some more fear: my biggest fear is that this middleman company will string out the process and milk me for the $510.00/day penalty because they are dirty, low-down, faceless, nameless, slime-oosing, tentacle-dragging, bottom feeders. Or, maybe they are fair agents trying to unload homes in a timely fashion. There is NO way for me to know. Even though my loan agent spoke to a representative from the company and he felt more at ease after that conversation, it is still my name on that contract.
UCGal,
Your story sounds really familiar.Thanks a TON for all the info.
July 29, 2008 at 11:41 AM #248897Cosmo31
ParticipantThanks to Greater and Lesser Yoda for all the input. You have eased some of my fears about this purchase addendum and you will probably make my last two days of vacation a bit less alcohol laden because my decreased stress level. Yes, I am thinking about this purchase during my vacation. It happens to fall on my Big Bear get-away, hence my late response to all the useful information.
Urban,
You were spot-on with the 3 different inspection periods listed in the same paragraph. I was under the impression that 17 days was required by law. The addendum says the buyer must inspect the property within 17 calendar days from the “Financial Terms Acknowledgement Date” but buyer must notify the seller of “objections to the condition” (dead bodies covered in mold) within 10 calendar days. However, if the seller makes repairs, 15 days after the repair is the duration of the inspection time. Can’t the hermetically sealed gnomes take an average and say 14 days is the universal inspection time? We will definitely clarify the time for inspection.I’m still not clear about the “Lending contingency period.” I have no contingencies such as buying this home is contingent upon selling another. But I am not sure if that example is one you are speaking of. Do all property purchases have contingency periods?
SD,
With all the good advice you have graciously bestowed, I have trouble calling you ‘Lesser Yoda.’ I think Urban is a gifted yet overzealous young jedi.I’m glad the examples listed from the addendum did not seem so completely out of the ordinary to you. My big question was whether this contract was as bogus as my loan agent said. You have shown me that I am possibly injecting a bit too much fear into this process. Oh, let me inject some more fear: my biggest fear is that this middleman company will string out the process and milk me for the $510.00/day penalty because they are dirty, low-down, faceless, nameless, slime-oosing, tentacle-dragging, bottom feeders. Or, maybe they are fair agents trying to unload homes in a timely fashion. There is NO way for me to know. Even though my loan agent spoke to a representative from the company and he felt more at ease after that conversation, it is still my name on that contract.
UCGal,
Your story sounds really familiar.Thanks a TON for all the info.
July 29, 2008 at 11:41 AM #248840Cosmo31
ParticipantThanks to Greater and Lesser Yoda for all the input. You have eased some of my fears about this purchase addendum and you will probably make my last two days of vacation a bit less alcohol laden because my decreased stress level. Yes, I am thinking about this purchase during my vacation. It happens to fall on my Big Bear get-away, hence my late response to all the useful information.
Urban,
You were spot-on with the 3 different inspection periods listed in the same paragraph. I was under the impression that 17 days was required by law. The addendum says the buyer must inspect the property within 17 calendar days from the “Financial Terms Acknowledgement Date” but buyer must notify the seller of “objections to the condition” (dead bodies covered in mold) within 10 calendar days. However, if the seller makes repairs, 15 days after the repair is the duration of the inspection time. Can’t the hermetically sealed gnomes take an average and say 14 days is the universal inspection time? We will definitely clarify the time for inspection.I’m still not clear about the “Lending contingency period.” I have no contingencies such as buying this home is contingent upon selling another. But I am not sure if that example is one you are speaking of. Do all property purchases have contingency periods?
SD,
With all the good advice you have graciously bestowed, I have trouble calling you ‘Lesser Yoda.’ I think Urban is a gifted yet overzealous young jedi.I’m glad the examples listed from the addendum did not seem so completely out of the ordinary to you. My big question was whether this contract was as bogus as my loan agent said. You have shown me that I am possibly injecting a bit too much fear into this process. Oh, let me inject some more fear: my biggest fear is that this middleman company will string out the process and milk me for the $510.00/day penalty because they are dirty, low-down, faceless, nameless, slime-oosing, tentacle-dragging, bottom feeders. Or, maybe they are fair agents trying to unload homes in a timely fashion. There is NO way for me to know. Even though my loan agent spoke to a representative from the company and he felt more at ease after that conversation, it is still my name on that contract.
UCGal,
Your story sounds really familiar.Thanks a TON for all the info.
July 29, 2008 at 11:41 AM #248832Cosmo31
ParticipantThanks to Greater and Lesser Yoda for all the input. You have eased some of my fears about this purchase addendum and you will probably make my last two days of vacation a bit less alcohol laden because my decreased stress level. Yes, I am thinking about this purchase during my vacation. It happens to fall on my Big Bear get-away, hence my late response to all the useful information.
Urban,
You were spot-on with the 3 different inspection periods listed in the same paragraph. I was under the impression that 17 days was required by law. The addendum says the buyer must inspect the property within 17 calendar days from the “Financial Terms Acknowledgement Date” but buyer must notify the seller of “objections to the condition” (dead bodies covered in mold) within 10 calendar days. However, if the seller makes repairs, 15 days after the repair is the duration of the inspection time. Can’t the hermetically sealed gnomes take an average and say 14 days is the universal inspection time? We will definitely clarify the time for inspection.I’m still not clear about the “Lending contingency period.” I have no contingencies such as buying this home is contingent upon selling another. But I am not sure if that example is one you are speaking of. Do all property purchases have contingency periods?
SD,
With all the good advice you have graciously bestowed, I have trouble calling you ‘Lesser Yoda.’ I think Urban is a gifted yet overzealous young jedi.I’m glad the examples listed from the addendum did not seem so completely out of the ordinary to you. My big question was whether this contract was as bogus as my loan agent said. You have shown me that I am possibly injecting a bit too much fear into this process. Oh, let me inject some more fear: my biggest fear is that this middleman company will string out the process and milk me for the $510.00/day penalty because they are dirty, low-down, faceless, nameless, slime-oosing, tentacle-dragging, bottom feeders. Or, maybe they are fair agents trying to unload homes in a timely fashion. There is NO way for me to know. Even though my loan agent spoke to a representative from the company and he felt more at ease after that conversation, it is still my name on that contract.
UCGal,
Your story sounds really familiar.Thanks a TON for all the info.
July 29, 2008 at 10:45 PM #248859SD Realtor
ParticipantCosmo there are several “contingency” periods. One of them is your loan contingency, or what you are referring to as the lending contingency period. In general, the date of acceptance is when the clock starts ticking so to speak. In your case it may be different but more then likely it is not. From that point you X days that you can back out of the deal because you did not get the loan for whatever reason. Perhaps you didn’t get your desired rate, perhaps something has changed in your life, whatever the reason, if you don’t get the loan you want you can essentially use this contingency to back out. This contingency has nothing to do with you having or not having to sell another home.
Most all lenders that have properties will use a broker or auction house in one form or another to represent them for the property sale. The fine that they are imposing on you is directly from the lender and goes to the lender. The brokerage gets none of it. While this is a speculative statement by me it generally holds true. I know you want to focus your ire on this middleman but in all honesty it is the lender who owns the home that you should gripe about.
If your loan agent is stating this is bogus, ask your loan agent how many contracts they have reviewed for REO properties and if they say ALOT of them then all I can tell you is what you have described is fairly standard with respect to the ones I have seen. I am meeting someone for breakfast tomorrow to present and IDENTICAL contract addendum that you discussed, even down to the late fee. The listing agent is Coldwell Banker and it is an REO property.
As for lesser jedi and all that… I pretty much just laugh… I am to busy to really care.
July 29, 2008 at 10:45 PM #249018SD Realtor
ParticipantCosmo there are several “contingency” periods. One of them is your loan contingency, or what you are referring to as the lending contingency period. In general, the date of acceptance is when the clock starts ticking so to speak. In your case it may be different but more then likely it is not. From that point you X days that you can back out of the deal because you did not get the loan for whatever reason. Perhaps you didn’t get your desired rate, perhaps something has changed in your life, whatever the reason, if you don’t get the loan you want you can essentially use this contingency to back out. This contingency has nothing to do with you having or not having to sell another home.
Most all lenders that have properties will use a broker or auction house in one form or another to represent them for the property sale. The fine that they are imposing on you is directly from the lender and goes to the lender. The brokerage gets none of it. While this is a speculative statement by me it generally holds true. I know you want to focus your ire on this middleman but in all honesty it is the lender who owns the home that you should gripe about.
If your loan agent is stating this is bogus, ask your loan agent how many contracts they have reviewed for REO properties and if they say ALOT of them then all I can tell you is what you have described is fairly standard with respect to the ones I have seen. I am meeting someone for breakfast tomorrow to present and IDENTICAL contract addendum that you discussed, even down to the late fee. The listing agent is Coldwell Banker and it is an REO property.
As for lesser jedi and all that… I pretty much just laugh… I am to busy to really care.
July 29, 2008 at 10:45 PM #249025SD Realtor
ParticipantCosmo there are several “contingency” periods. One of them is your loan contingency, or what you are referring to as the lending contingency period. In general, the date of acceptance is when the clock starts ticking so to speak. In your case it may be different but more then likely it is not. From that point you X days that you can back out of the deal because you did not get the loan for whatever reason. Perhaps you didn’t get your desired rate, perhaps something has changed in your life, whatever the reason, if you don’t get the loan you want you can essentially use this contingency to back out. This contingency has nothing to do with you having or not having to sell another home.
Most all lenders that have properties will use a broker or auction house in one form or another to represent them for the property sale. The fine that they are imposing on you is directly from the lender and goes to the lender. The brokerage gets none of it. While this is a speculative statement by me it generally holds true. I know you want to focus your ire on this middleman but in all honesty it is the lender who owns the home that you should gripe about.
If your loan agent is stating this is bogus, ask your loan agent how many contracts they have reviewed for REO properties and if they say ALOT of them then all I can tell you is what you have described is fairly standard with respect to the ones I have seen. I am meeting someone for breakfast tomorrow to present and IDENTICAL contract addendum that you discussed, even down to the late fee. The listing agent is Coldwell Banker and it is an REO property.
As for lesser jedi and all that… I pretty much just laugh… I am to busy to really care.
July 29, 2008 at 10:45 PM #249086SD Realtor
ParticipantCosmo there are several “contingency” periods. One of them is your loan contingency, or what you are referring to as the lending contingency period. In general, the date of acceptance is when the clock starts ticking so to speak. In your case it may be different but more then likely it is not. From that point you X days that you can back out of the deal because you did not get the loan for whatever reason. Perhaps you didn’t get your desired rate, perhaps something has changed in your life, whatever the reason, if you don’t get the loan you want you can essentially use this contingency to back out. This contingency has nothing to do with you having or not having to sell another home.
Most all lenders that have properties will use a broker or auction house in one form or another to represent them for the property sale. The fine that they are imposing on you is directly from the lender and goes to the lender. The brokerage gets none of it. While this is a speculative statement by me it generally holds true. I know you want to focus your ire on this middleman but in all honesty it is the lender who owns the home that you should gripe about.
If your loan agent is stating this is bogus, ask your loan agent how many contracts they have reviewed for REO properties and if they say ALOT of them then all I can tell you is what you have described is fairly standard with respect to the ones I have seen. I am meeting someone for breakfast tomorrow to present and IDENTICAL contract addendum that you discussed, even down to the late fee. The listing agent is Coldwell Banker and it is an REO property.
As for lesser jedi and all that… I pretty much just laugh… I am to busy to really care.
July 29, 2008 at 10:45 PM #249094SD Realtor
ParticipantCosmo there are several “contingency” periods. One of them is your loan contingency, or what you are referring to as the lending contingency period. In general, the date of acceptance is when the clock starts ticking so to speak. In your case it may be different but more then likely it is not. From that point you X days that you can back out of the deal because you did not get the loan for whatever reason. Perhaps you didn’t get your desired rate, perhaps something has changed in your life, whatever the reason, if you don’t get the loan you want you can essentially use this contingency to back out. This contingency has nothing to do with you having or not having to sell another home.
Most all lenders that have properties will use a broker or auction house in one form or another to represent them for the property sale. The fine that they are imposing on you is directly from the lender and goes to the lender. The brokerage gets none of it. While this is a speculative statement by me it generally holds true. I know you want to focus your ire on this middleman but in all honesty it is the lender who owns the home that you should gripe about.
If your loan agent is stating this is bogus, ask your loan agent how many contracts they have reviewed for REO properties and if they say ALOT of them then all I can tell you is what you have described is fairly standard with respect to the ones I have seen. I am meeting someone for breakfast tomorrow to present and IDENTICAL contract addendum that you discussed, even down to the late fee. The listing agent is Coldwell Banker and it is an REO property.
As for lesser jedi and all that… I pretty much just laugh… I am to busy to really care.
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