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Viewing 15 posts - 1,471 through 1,485 (of 2,475 total)
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  • July 25, 2009 at 2:06 PM in reply to: Sign of the times: “Hey you want to buy this property?” #437440
    AK
    Participant

    Owner-occupied makes a big difference for financing.

    I think most lenders want 30% down these days for non-owner occupied.

    Owner occupied, you can get away with 3.5% down FHA if it’s 1-4 units.

    Huge difference in leverage!

    July 22, 2009 at 4:37 PM in reply to: Bank accepted offer – scarry addendum #435256
    AK
    Participant

    The addendum also asks the buyer to waive the right to sue for specific performance … but if it happened to me you bet I’d sue in small claims for liquidated damages!

    July 22, 2009 at 4:37 PM in reply to: Bank accepted offer – scarry addendum #435463
    AK
    Participant

    The addendum also asks the buyer to waive the right to sue for specific performance … but if it happened to me you bet I’d sue in small claims for liquidated damages!

    July 22, 2009 at 4:37 PM in reply to: Bank accepted offer – scarry addendum #435781
    AK
    Participant

    The addendum also asks the buyer to waive the right to sue for specific performance … but if it happened to me you bet I’d sue in small claims for liquidated damages!

    July 22, 2009 at 4:37 PM in reply to: Bank accepted offer – scarry addendum #435854
    AK
    Participant

    The addendum also asks the buyer to waive the right to sue for specific performance … but if it happened to me you bet I’d sue in small claims for liquidated damages!

    July 22, 2009 at 4:37 PM in reply to: Bank accepted offer – scarry addendum #436023
    AK
    Participant

    The addendum also asks the buyer to waive the right to sue for specific performance … but if it happened to me you bet I’d sue in small claims for liquidated damages!

    July 22, 2009 at 1:14 PM in reply to: Bank accepted offer – scarry addendum #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 in reply to: Bank accepted offer – scarry addendum #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 in reply to: Bank accepted offer – scarry addendum #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 in reply to: Bank accepted offer – scarry addendum #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 in reply to: Bank accepted offer – scarry addendum #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 21, 2009 at 11:08 PM in reply to: A bit of house hunting humor (mostly SFW) #434912
    AK
    Participant

    Ah, here it is:

    July 21, 2009 at 11:08 PM in reply to: A bit of house hunting humor (mostly SFW) #435118
    AK
    Participant

    Ah, here it is:

    July 21, 2009 at 11:08 PM in reply to: A bit of house hunting humor (mostly SFW) #435435
    AK
    Participant

    Ah, here it is:

    July 21, 2009 at 11:08 PM in reply to: A bit of house hunting humor (mostly SFW) #435509
    AK
    Participant

    Ah, here it is:

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Viewing 15 posts - 1,471 through 1,485 (of 2,475 total)
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