All Forum Posts by: Kristine Eickman

I am not allowed to change it at all. The sellers agent said this needs to be signed as is and sent along with our offer. So to me, they are asking me to sign a contract where I agree that I have to wait forever and am not allowed to back out.

We are looking at putting in an offer on a short sale that is going to auction in 2 weeks. The agent is requiring us to sign a clause that says no matter what, we are not allowed to back out. This is the exact wording:

1. You may not simply “walk away” from a contract which is subject to lender or
third party approval - you will become obligated to perform under the contract from the date of
its execution until the lender or third party disapproves the contract or a term in the contract
permits either the seller or buyer to terminate.

2. The lender or third party is under no obligation to consider, respond to, approve,
or disapprove your contract within any specified period of time.

3. It is possible the lender may elect not to approve the contract, in which event you
will not be able to buy the property at the listing or contract price.

4. At the time the seller enters into the contract with you, the seller may not have
been informed by the lender:

(a) what an acceptable purchase price may be, or

(b) that the lender would participate in or consider a potential Short Sale offer.

Receipt of the above disclosure is hereby acknowledged.

Would you ever sign this? I cannot believe that it is legal to make someone sign this. I know that it goes to auction in 1 1/2 weeks so clearly if that happens, we are out. But if they decide they might like our offer, they can halt the forclosure and then we are locked in until THEY decide if they want to take it or not.

Does this sound right to anyone?

I do have an agent so I will let her know what I want to offer and see what happens. I just was floored when I talked to the lender and he said no. He then called me back and emailed me an estimate and was all pumped up about it and I thanked him for the work but told him the house was overpriced and we were not about to pay full price for it.

He then tried to tell me that it was in a really nice area and I told him that I agreed and that is why we were looking there. Then I told him what the other two homes sold for in Dec and Jan and he had nothing to say.

Thanks for the advice. I did contact several local lenders and most would not touch it because it is an out of state loan. However, I did find a couple that are willing to work with it, so I will start there!

2 are local and 2 are national.

Kristine

So does that mean you really cannot negotiate on the price? That just seems really stupid to price a home so high. Unless they want to give it to me for the price of a comparable, they can let it sit there.

I found a Homepath home that I am interested in. I talked to a Homepath mortgage person because I did not know much about the program. He told me that the list price in non-negotiable and it is what it is.

Problem is that this house is HUGELY overpriced. It is listed at $190,000. It is totally stripped home with not even any appliances. The home right next door (which is exactly the same because they are townhomes) is listed at 191,000 and it is fully furnished!

I pulled the stats in the the last two months 2 totally stipped townhomes sold in this same developement. One at 151,000 and the other at 140,199.

Why in the heck would I pay $190,000 for it?

So was this guy telling me the truth that they are non-negotioable?

Kristine

My husband and I are in the process of looking for a vacation rental property. I was wondering what the best type of lender for this type of property is and what kind of terms and requirements am I looking at?