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UCGal
Participant[quote=LAAFTERHOURS]Dont rent from an apartment management company. Instead rent directly from a home owner and tell them upfront that you may purchase in the next 12 months but you will give them plenty of notice (as soon as you enter escrow maybe). Also offer to help them show the rental while you are still there and help list the place on craigslist.
I have done this with my current landlord. Best thing to do is to communicate your intentions up front. [/quote]
ITA with this. Management companies often pay a commission to the rental agent – so they are under incentive to get you in, even by lying to you. I was caught in this predicament – the agent very clearly told me that they waived the lease if you sent them a certified letter with copy of the purchase agreement if you were buying a house. I did that, and they sent me back a very nice letter saying congrats on my purchase, but I still owed through the balance of the agreement. The management company agreed with me (again verbally) that I’d been lied to by the rental agent… but that wasn’t their problem. My attorney said it could go either way in court. I settled by giving up my deposit and 1.5 months rent. (Beats paying 6 months rent.)
Whatever you negotiate – GET IT IN WRITING!
Participant[quote=LAAFTERHOURS]Dont rent from an apartment management company. Instead rent directly from a home owner and tell them upfront that you may purchase in the next 12 months but you will give them plenty of notice (as soon as you enter escrow maybe). Also offer to help them show the rental while you are still there and help list the place on craigslist.
I have done this with my current landlord. Best thing to do is to communicate your intentions up front. [/quote]
ITA with this. Management companies often pay a commission to the rental agent – so they are under incentive to get you in, even by lying to you. I was caught in this predicament – the agent very clearly told me that they waived the lease if you sent them a certified letter with copy of the purchase agreement if you were buying a house. I did that, and they sent me back a very nice letter saying congrats on my purchase, but I still owed through the balance of the agreement. The management company agreed with me (again verbally) that I’d been lied to by the rental agent… but that wasn’t their problem. My attorney said it could go either way in court. I settled by giving up my deposit and 1.5 months rent. (Beats paying 6 months rent.)
Whatever you negotiate – GET IT IN WRITING!
June 7, 2009 at 8:06 AM in reply to: Prepayment penalty scam … and we bailed out these ****ers? #411752Participant[quote=flu]In practice, do you really plan on paying off more than 20% of the loan amount in the first 3 years? If so why not just put that amount down and lower your total loan amount off the bat?[/quote]
Perhaps the borrower wants to have the option to refi again if rates drop significantly. (Not likely since rates are relatively low – but it’s good to keep options open.)
Or perhaps the borrower is expecting an inheritance – not yet in hand.
Lots of reasons why one might pay off a chunk in the first couple of years – but not have the cash to do it right now.
June 7, 2009 at 8:06 AM in reply to: Prepayment penalty scam … and we bailed out these ****ers? #411989Participant[quote=flu]In practice, do you really plan on paying off more than 20% of the loan amount in the first 3 years? If so why not just put that amount down and lower your total loan amount off the bat?[/quote]
Perhaps the borrower wants to have the option to refi again if rates drop significantly. (Not likely since rates are relatively low – but it’s good to keep options open.)
Or perhaps the borrower is expecting an inheritance – not yet in hand.
Lots of reasons why one might pay off a chunk in the first couple of years – but not have the cash to do it right now.
June 7, 2009 at 8:06 AM in reply to: Prepayment penalty scam … and we bailed out these ****ers? #412234Participant[quote=flu]In practice, do you really plan on paying off more than 20% of the loan amount in the first 3 years? If so why not just put that amount down and lower your total loan amount off the bat?[/quote]
Perhaps the borrower wants to have the option to refi again if rates drop significantly. (Not likely since rates are relatively low – but it’s good to keep options open.)
Or perhaps the borrower is expecting an inheritance – not yet in hand.
Lots of reasons why one might pay off a chunk in the first couple of years – but not have the cash to do it right now.
June 7, 2009 at 8:06 AM in reply to: Prepayment penalty scam … and we bailed out these ****ers? #412301Participant[quote=flu]In practice, do you really plan on paying off more than 20% of the loan amount in the first 3 years? If so why not just put that amount down and lower your total loan amount off the bat?[/quote]
Perhaps the borrower wants to have the option to refi again if rates drop significantly. (Not likely since rates are relatively low – but it’s good to keep options open.)
Or perhaps the borrower is expecting an inheritance – not yet in hand.
Lots of reasons why one might pay off a chunk in the first couple of years – but not have the cash to do it right now.
June 7, 2009 at 8:06 AM in reply to: Prepayment penalty scam … and we bailed out these ****ers? #412453Participant[quote=flu]In practice, do you really plan on paying off more than 20% of the loan amount in the first 3 years? If so why not just put that amount down and lower your total loan amount off the bat?[/quote]
Perhaps the borrower wants to have the option to refi again if rates drop significantly. (Not likely since rates are relatively low – but it’s good to keep options open.)
Or perhaps the borrower is expecting an inheritance – not yet in hand.
Lots of reasons why one might pay off a chunk in the first couple of years – but not have the cash to do it right now.
ParticipantIsn’t Sam Zell the guy who bought the Tribune and LA Times and drove them to brink of bankruptcy? Not sure I’d take his investment opinion as gospel.
ParticipantIsn’t Sam Zell the guy who bought the Tribune and LA Times and drove them to brink of bankruptcy? Not sure I’d take his investment opinion as gospel.
ParticipantIsn’t Sam Zell the guy who bought the Tribune and LA Times and drove them to brink of bankruptcy? Not sure I’d take his investment opinion as gospel.
ParticipantIsn’t Sam Zell the guy who bought the Tribune and LA Times and drove them to brink of bankruptcy? Not sure I’d take his investment opinion as gospel.
ParticipantIsn’t Sam Zell the guy who bought the Tribune and LA Times and drove them to brink of bankruptcy? Not sure I’d take his investment opinion as gospel.
Participant[quote=partypup]Just when you thought life in 2009 couldn’t get any creepier. Why would people allow their children to participate in something like this?
These are very scary times…
[/quote]
I watched the video – it was posted back in 2008 before the election. (you say 2009 above).
I don’t see a comparison to Hitler youth or Nazis. The words to the song are only offensive if you think Obama is the anti-Christ. The words are about hope. (Be afraid!)
How is this different than children’s choirs in church or glee clubs? Because the song had a political basis? Would you have felt the same way if they’d been singing “This Land is Your Land”? That was extremely politcal at the time.
I guess I don’t get the reaction of creepiness and fear.
Participant[quote=partypup]Just when you thought life in 2009 couldn’t get any creepier. Why would people allow their children to participate in something like this?
These are very scary times…
[/quote]
I watched the video – it was posted back in 2008 before the election. (you say 2009 above).
I don’t see a comparison to Hitler youth or Nazis. The words to the song are only offensive if you think Obama is the anti-Christ. The words are about hope. (Be afraid!)
How is this different than children’s choirs in church or glee clubs? Because the song had a political basis? Would you have felt the same way if they’d been singing “This Land is Your Land”? That was extremely politcal at the time.
I guess I don’t get the reaction of creepiness and fear.
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