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NYer
Participantsdrealtor,
First, let me also thank you for your many contributions to the board.
Second, I have to disagree with you about whether it is a violation of RESPA to require someone to get approved with a designated mortgage broker. As you undoubtedly know, RESPA prohibits any required use of a “settlement service”. HUD regulations define “settlement service”, in relevant part, as follows:
“Settlement service means any service provided in connection with a prospective or actual settlement, including, but not limited to, any one or more of the following:
(1) Origination of a federally related mortgage loan (including, but not limited to, the taking of loan applications, loan processing, and the underwriting and funding of such loans);
(2) Rendering of services by a mortgage broker (including counseling, taking of applications, obtaining verifications and appraisals, and other loan processing and origination services, and communicating with the borrower and lender);”
________
“Qualifying” sure sounds like “rendering of services”, “taking of applications”, “obtaining verifications” and/or “other loan processing and origination services” to me.
ParticipantWell, I must admit that your point is well taken. I myself see very little to gain if the agent is lying as in this market my first instinct was also to go on to the next property.
BTW, it is not an REO, nor a new home purchase. I countered again with what will be our final offer and a 24 hour expiration. If they actually have someone who is willing to pay more and is as rock-solid as we are then God bless ’em, and we’ll move on to the next property.
In any event, unless these people do something more to aggravate me it is unlikely that I will make a claim against the agent for the potential RESPA violation. Life’s too short and I am not as vindictive as I used to be.
ParticipantWell, I must admit that your point is well taken. I myself see very little to gain if the agent is lying as in this market my first instinct was also to go on to the next property.
BTW, it is not an REO, nor a new home purchase. I countered again with what will be our final offer and a 24 hour expiration. If they actually have someone who is willing to pay more and is as rock-solid as we are then God bless ’em, and we’ll move on to the next property.
In any event, unless these people do something more to aggravate me it is unlikely that I will make a claim against the agent for the potential RESPA violation. Life’s too short and I am not as vindictive as I used to be.
ParticipantDISCLAIMER: Although I am a lawyer, I am not yet licensed to practice law in California. The following is not legal advice and is not intended to create any attorney-client relationship. For actual legal advice, please see a real-estate lawyer licensed to practice in California.
Under general principles, your title company is correct. Once there is a sale or a refinance, the mortgage that precedes (and therefore has priority over) the easement will be extinguished and all future takers by grant or mortgage will take subject to the easement.
Thus, I would see no issues w/r/t the servient tenement. However, I would not be too happy if I had the dominant tenement because if the mortgage at issue ever forecloses then arguably the easement would be extinguished. I say “arguably” because it depends on multiple factors, not all of which I can be sure I remember off the top of my head.
ParticipantDISCLAIMER: Although I am a lawyer, I am not yet licensed to practice law in California. The following is not legal advice and is not intended to create any attorney-client relationship. For actual legal advice, please see a real-estate lawyer licensed to practice in California.
Under general principles, your title company is correct. Once there is a sale or a refinance, the mortgage that precedes (and therefore has priority over) the easement will be extinguished and all future takers by grant or mortgage will take subject to the easement.
Thus, I would see no issues w/r/t the servient tenement. However, I would not be too happy if I had the dominant tenement because if the mortgage at issue ever forecloses then arguably the easement would be extinguished. I say “arguably” because it depends on multiple factors, not all of which I can be sure I remember off the top of my head.
ParticipantSD Realtor —
Thanks for your response to the OP and generally for your contributions to the board.
Could you please explain why you “assume it to be true” when an agent says they have multiple offers?
I just got a counter on a property that has similar listing characteristics as the OP’s property — on market since March; expired (or, more likely, pulled) and re-listed; house vacant. Multiple offers are claimed.
This same agent, in an original counter, actually put in the what I believe to be the illegal under RESPA requirement that we qualify with a designated mortgage broker of the seller’s choice.
Given that prior move (which we rejected out-of-hand, of course)I have no reason to believe that the agent is above lying about counter-offers. Why should I think otherwise?
–relocating NYer
ParticipantSD Realtor —
Thanks for your response to the OP and generally for your contributions to the board.
Could you please explain why you “assume it to be true” when an agent says they have multiple offers?
I just got a counter on a property that has similar listing characteristics as the OP’s property — on market since March; expired (or, more likely, pulled) and re-listed; house vacant. Multiple offers are claimed.
This same agent, in an original counter, actually put in the what I believe to be the illegal under RESPA requirement that we qualify with a designated mortgage broker of the seller’s choice.
Given that prior move (which we rejected out-of-hand, of course)I have no reason to believe that the agent is above lying about counter-offers. Why should I think otherwise?
–relocating NYer
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