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protect your buyers: Protecting your Buyers & Yourself: Bank "Trick" #4 - 10/16/08 07:35 AM
I was in shock when I read this most recent addition to a contract with a bank addendum because it essentially gave the bank carte-blanche over the P&S.
Article 15. The Seller reserves the right to terminate the Contract for any reason in its sole discretion. Should the Seller terminate this contract, the Seller's sole liability to the Buyer will be to return the Buyer's deposit, at which time the Contract and all addendums thereto shall cease and terminate and Seller and Buyer shall have no further obligations, liabilities, or responsibilities to one another.
In the dozens of addendums I've had the opportunity to … (13 comments)
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protect your buyers: Protecting your Buyers & Yourself: Bank "Trick" #3 - 10/16/08 07:02 AM
With the current economy the way it is right now and foreclosures rolling into the market in waves, I'm sure many of my fellow agents have seen this clause already, but buyers may not have. The importance being, make sure you disclose the following clause to your buyers and the lender they are working with so all parties understand the timetable they are bound by.
Article 10. (Which can vary) Buyer(s) may take possession after the final closing papers are signed by the Seller and the Contract is funded. Possession to the property may not be taken before the occurrence of both … (4 comments)
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protect your buyers: Protecting your buyers: Title Insurance - 03/09/08 10:35 AM
With the massive influx of both short-sale and foreclosure inventory on the market, title insurance is needed more than ever. I sold a 3yr old foreclosed home back at Christmas to some really good friends of mine. A 3 bedroom 3 bathroom cape with 1 car garage under and finished basement on 3/4 acre at the phenomenal price of $175,000. They were truly exited, as was I for them.
They called me on Friday to tell me they received a DEMAND FOR PAYMENT IN FULL FROM THEIR MORTGAGE COMPANY because the town had notified the mortgage company that improvements … (3 comments)
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protect your buyers: As the boyscouts say, "Always be prepared" - 02/29/08 10:21 AM
Or "a good offense is the best defense" is a better phrase for the day. 2 weeks ago I had 5 closings set up for today (and I wasn't sure how I was going to be able to attend all of them), and as fortune would have it, at the moment only 1 will close (today). Out of my 5 deals, I had 2 short sale and 2 foreclosures. Had I not prepared all my clients 2 weeks ago that we may not close today, I'd be putting out fires instead of finding breathing room in my day.
Closing #1. (My Sellers Bank … (4 comments)
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protect your buyers: Protect your Buyers: Bank owned trick #2 - 02/26/08 04:43 AM
Since my last blog seemed to get a lot of interest, here's another issue for agents to be on the lookout for. In the New Hampshire Purchase & Sales Agreement Page 2 Section 10:
10. TAXES, CONDO FEES, SPECIAL ASSESSMENTS, RENTS, WATER AND SEWERAGE BILLS AND FUEL IN STORAGE SHALL BE PRORATED AS OF TIME AND DATE OF CLOSING OR: ALL UTILITIES AND TAXES TO BE PAID IN FULL AND KEPT IN GOOD STANDING UNTIL THE CLOSING DATE.
I can't speak for every state, I can't even speak for every town because public utilities are handled differently by different towns, but locally in … (5 comments)
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protect your buyers: Protect your Buyers: Bank owned trick #1 - 02/25/08 05:35 PM
For those of you who haven't had the opportunity to sell a bank owned property yet, look out for this little fast one the bank likes to try, if you're not looking for it, you just may miss it:
Recording fees, escrow fees and other customary closing costs WITH THE EXCEPTION OF TRANSFER TAXES, shall be paid by either Seller and/or Buyer in the manner customary for residential real estate transactions in the city in which the Property is located.
ALL OTHER COSTS AND EXPENSES, INCLUDING ANY COST, EXPENSE OR TRANSFER TAX, imposed by any state or local entity not otherwise addressed herein, including … (11 comments)
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protect your buyers: Protect your Buyers - 02/11/08 10:52 AM
After sitting through a recent seminar on foreclosures and short sales, I picked up a little info I thought would benefit many agents and buyers in this current market.
When buying a foreclosed property AT AUCTION it's important for both agents and buyers to understand that in most states, the existing owner can contest his foreclosure up to a year after the fact. So potentially your buyer/investor could buy a property, spend 10's of thousands fixing it up, and 9 months down the road, the previous owner might be able to take it back. This was a huge fact that … (8 comments)
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Joshua Matthews
Wakefield,
NH
More about me…
Keller Williams Coastal Realty
Address: 501 Islington Street Suite 2, Portsmouth, NH, 03801
Office Phone: (603) 610-8500 x 576
Cell Phone: (603) 781-4030
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