[NotCranky]

“I don’t even think we are half way to a bottom yet. Flame on, but there is still too many homes out there at too high of prices.”

This is the way I think the bottom comes in.

Currently there is a ton of inventory and three houses of that inventory are going to sell at lows for the cycle this month. Next month 10 will do the same. A few months later 30. You get he idea. Later 50 but there is still a ton of inventory. Prices get to where a very large percentage are selling near cycle lows but inventory is still pretty up there. Eventually for all practical purposes the PRICE correction is over. Where is inventory? I think it could be some what elevated still? I was looking for a chart that might reflect the lag between these two items that we can expect. It is a question more than a statement, your post made me wonder.

The numbers are totally concocted to express a view contrary to the, everyone is a stupid knife catcher until I say it isn’t so. As good as it gets deals will be a combination of rates and price for some as opposed to a pure price bottom.(that would be pretty hard to time so it makes these aggressive rate hyping realtors laughable). I think we should not be too haughty because people are starting to make good deals on purchases. Kind of hard to tell which ones but they will trickle in. Some of those people just bought into future bragging rights instead of catching a knife.The rest caught a knife which sunk to varying depths, some will be lethal and some will be mere flesh wounds.

Just food for thought. Flaming welcome as always.

[NotCranky]

You are welcome, I meant to ask if the contingency expired on the 15th in the above post. Sorry about your troubles.
Good Luck.

[NotCranky]

You are welcome, I meant to ask if the contingency expired on the 15th in the above post. Sorry about your troubles.
Good Luck.

[NotCranky]

You are welcome, I meant to ask if the contingency expired on the 15th in the above post. Sorry about your troubles.
Good Luck.

[NotCranky]

You are welcome, I meant to ask if the contingency expired on the 15th in the above post. Sorry about your troubles.
Good Luck.

[NotCranky]

You are welcome, I meant to ask if the contingency expired on the 15th in the above post. Sorry about your troubles.
Good Luck.

[NotCranky]

No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.

So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.

“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”

Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.

You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.

I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.

[NotCranky]

No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.

So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.

“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”

Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.

You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.

I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.

[NotCranky]

No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.

So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.

“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”

Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.

You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.

I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.

[NotCranky]

No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.

So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.

“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”

Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.

You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.

I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.

[NotCranky]

No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.

So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.

“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”

Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.

You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.

I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.

[NotCranky]

DDM
What has your agent told you?
Check your contingencies. It sounds like you are past your removal dates? People should know that they can have the loan contingency applied until the loan is funded so that there actually much less risk of this type of thing becoming and issue. Look at your RPA, hopefully you checked “the loan contingency shall remain in effect until the designated loans are funded.” In these times it seems imperative to do that. Maybe it makes the offer a little weaker but with lending all over the place it seems like You say take it or leave it. I would even consider writing an addendum,included withthe offer, that explains it further becasue the contract wording could be better. I am not picking on you just trying to warn others who might be reading.

If you cancel escrow you should try to get some or all of your money back but you really have to make that decision in accordance with the contract for the seller to be obligated . Are there any other grounds by which you can cancel? Usually those pass concurrently or before the loan contingency but if people have been sloppy there might be a way.

Are you interested in asking for an extension to get funded another way?

I had a person come to me once. Not a client of mine. They lost their earnest money deposit this way. It was clear the realtor and lender had abandoned them and failed to represent them with regards to the loan contingency. I wrote some letters which they signed and they got their money reimbursed from the supervising broker. Don’t know if that applies here?

[NotCranky]

DDM
What has your agent told you?
Check your contingencies. It sounds like you are past your removal dates? People should know that they can have the loan contingency applied until the loan is funded so that there actually much less risk of this type of thing becoming and issue. Look at your RPA, hopefully you checked “the loan contingency shall remain in effect until the designated loans are funded.” In these times it seems imperative to do that. Maybe it makes the offer a little weaker but with lending all over the place it seems like You say take it or leave it. I would even consider writing an addendum,included withthe offer, that explains it further becasue the contract wording could be better. I am not picking on you just trying to warn others who might be reading.

If you cancel escrow you should try to get some or all of your money back but you really have to make that decision in accordance with the contract for the seller to be obligated . Are there any other grounds by which you can cancel? Usually those pass concurrently or before the loan contingency but if people have been sloppy there might be a way.

Are you interested in asking for an extension to get funded another way?

I had a person come to me once. Not a client of mine. They lost their earnest money deposit this way. It was clear the realtor and lender had abandoned them and failed to represent them with regards to the loan contingency. I wrote some letters which they signed and they got their money reimbursed from the supervising broker. Don’t know if that applies here?

[NotCranky]

DDM
What has your agent told you?
Check your contingencies. It sounds like you are past your removal dates? People should know that they can have the loan contingency applied until the loan is funded so that there actually much less risk of this type of thing becoming and issue. Look at your RPA, hopefully you checked “the loan contingency shall remain in effect until the designated loans are funded.” In these times it seems imperative to do that. Maybe it makes the offer a little weaker but with lending all over the place it seems like You say take it or leave it. I would even consider writing an addendum,included withthe offer, that explains it further becasue the contract wording could be better. I am not picking on you just trying to warn others who might be reading.

If you cancel escrow you should try to get some or all of your money back but you really have to make that decision in accordance with the contract for the seller to be obligated . Are there any other grounds by which you can cancel? Usually those pass concurrently or before the loan contingency but if people have been sloppy there might be a way.

Are you interested in asking for an extension to get funded another way?

I had a person come to me once. Not a client of mine. They lost their earnest money deposit this way. It was clear the realtor and lender had abandoned them and failed to represent them with regards to the loan contingency. I wrote some letters which they signed and they got their money reimbursed from the supervising broker. Don’t know if that applies here?

[NotCranky]

DDM
What has your agent told you?
Check your contingencies. It sounds like you are past your removal dates? People should know that they can have the loan contingency applied until the loan is funded so that there actually much less risk of this type of thing becoming and issue. Look at your RPA, hopefully you checked “the loan contingency shall remain in effect until the designated loans are funded.” In these times it seems imperative to do that. Maybe it makes the offer a little weaker but with lending all over the place it seems like You say take it or leave it. I would even consider writing an addendum,included withthe offer, that explains it further becasue the contract wording could be better. I am not picking on you just trying to warn others who might be reading.

If you cancel escrow you should try to get some or all of your money back but you really have to make that decision in accordance with the contract for the seller to be obligated . Are there any other grounds by which you can cancel? Usually those pass concurrently or before the loan contingency but if people have been sloppy there might be a way.

Are you interested in asking for an extension to get funded another way?

I had a person come to me once. Not a client of mine. They lost their earnest money deposit this way. It was clear the realtor and lender had abandoned them and failed to represent them with regards to the loan contingency. I wrote some letters which they signed and they got their money reimbursed from the supervising broker. Don’t know if that applies here?

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