Listing Language Question

[Artifact]

I was curious what some of the language in listings means. The clip below is from mls listing # 076045877

“Pre-foreclosure gets you this great price. Home is in great shape. Ammenities too numerous to mention. Nice landscaping on this corner lot. All buyers to be pre-qualed by lender of sellers choice. All info to be verified by buyer and buyers agent b-4 contengency removal. Call la with any questions. Home sold as is.”

I understand most of this, but what is the b-4 contingency?

Thanks

[sdcellar]

Are you asking what b-4 means?

before.

[sdcellar]

Are you asking what b-4 means?

before.

[SD Realtor]

I assume you are referring to the pre-qual of sellers choice. As mortgage fraud escalates it behooves sellers (and lenders in short sale situations) to go ahead and prequalify the buyers directly. Note this is not making or forcing the buyer to use the sellers specified lender. However it does help the seller to get a bit more of a comfort level that the buyer is not bogus. Many times when you buy and REO the lender that owns the property will make you the buyer at least get prequaled by them. Then you can get your financing from anyone you want.

Is this what you were wondering about?

SD Realtor

[SD Realtor]

I assume you are referring to the pre-qual of sellers choice. As mortgage fraud escalates it behooves sellers (and lenders in short sale situations) to go ahead and prequalify the buyers directly. Note this is not making or forcing the buyer to use the sellers specified lender. However it does help the seller to get a bit more of a comfort level that the buyer is not bogus. Many times when you buy and REO the lender that owns the property will make you the buyer at least get prequaled by them. Then you can get your financing from anyone you want.

Is this what you were wondering about?

SD Realtor

[Artifact]

Thanks for the responses – I was asking more specifically what the B-4 contingency was – but I also (now that I see SDR’s response) did not fully understand the prequal part.

I am assuming from sdcellar’s response that B-4 was just internet abbreviation and not an actual real estate term – I was over-reading I think.

T

[Artifact]

Thanks for the responses – I was asking more specifically what the B-4 contingency was – but I also (now that I see SDR’s response) did not fully understand the prequal part.

I am assuming from sdcellar’s response that B-4 was just internet abbreviation and not an actual real estate term – I was over-reading I think.

T

[sdrealtor]

The buyer to satisfy self b4 release of contingency is something silly realtors put in their listings in a vain attempt to limit thier liability. In essence they are saying during the during contingency period it is your (the buyer) responsibility to complete your due diligence and to verify any representations I (the Realtor) have made before releasing your contingencies (i.e. built-in escape clauses) which allow you to cancel the escrow without penalty.

Example: realtor lists home as having 3000 sq ft and buyer relies on that. Upon moving in buyer learns that house is only permitted for 2500 sqft with the other 500 sq ft being a bootlegged addition and threatens to sue Realtor and Seller. Realtor says “Check the listing, I told you it was your responsibility to verify all b4 releasing your contingencies” Plaintiffs attorney promptly laughs in listing agents face and says “tell it to the judge”. Judge is anxiously awaiting their chance to laugh too. Many agents use it in their listings but it really offers them no real legal protection IMHO.

[sdrealtor]

The buyer to satisfy self b4 release of contingency is something silly realtors put in their listings in a vain attempt to limit thier liability. In essence they are saying during the during contingency period it is your (the buyer) responsibility to complete your due diligence and to verify any representations I (the Realtor) have made before releasing your contingencies (i.e. built-in escape clauses) which allow you to cancel the escrow without penalty.

Example: realtor lists home as having 3000 sq ft and buyer relies on that. Upon moving in buyer learns that house is only permitted for 2500 sqft with the other 500 sq ft being a bootlegged addition and threatens to sue Realtor and Seller. Realtor says “Check the listing, I told you it was your responsibility to verify all b4 releasing your contingencies” Plaintiffs attorney promptly laughs in listing agents face and says “tell it to the judge”. Judge is anxiously awaiting their chance to laugh too. Many agents use it in their listings but it really offers them no real legal protection IMHO.

[Artifact]

I was going so far as to not get that b4 = before – which maybe says something about the description itself – spell things out clearly?

I am pretty computer savvy; I spend 6 to 8 hours a day at the computer for work and a couple more for fun – had I read that in a post on this board I would have gotten that right away, but reading the mls listing, I was reading to much into it and assumed that b4 = some real estate term I had never heard of.

[Artifact]

I was going so far as to not get that b4 = before – which maybe says something about the description itself – spell things out clearly?

I am pretty computer savvy; I spend 6 to 8 hours a day at the computer for work and a couple more for fun – had I read that in a post on this board I would have gotten that right away, but reading the mls listing, I was reading to much into it and assumed that b4 = some real estate term I had never heard of.

[Author]

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