All Forum Posts by: Steve Nicewarner

[Disclaimer: I am not a lawyer, nor am I qualified to practice real estate brokerage in Virginia. Do not consider this legal advice]

I think the key word there is "default." If you put a contingency in the contract, then use the contingency to get out of the contract, that is not "default." Default is when you have a binding contract and you just decide not to go through with it.

In other words, write your contract with a few escape clauses [financing contingency, inspection contingency] and you should be fine. Again, this is worth spending time with a lawyer to confirm my interpretation.

Most of the regulations that went into effect today require disclosures. I'm all for mandatory disclosures. Government, IMHO, exists to ensure that people have the information to make decisions. Businesses can have all the extortionary policies they want, as long as they tell customers about those policies clearly before the customer signs on the dotted line.

I read about the first 50 pages, then put it down. Leading off with your accountant and your lawyer is not a good way to excite someone about your book. There might be some good insight later in the book, but I just wasn't interested in digging for it.

Caped crusaders was the first thing I thought of too . .

Seriously, your "Power Team" isn't a team. It's a series of one-on-one relationships with you. they might develop relationships with each other over time, but for them you are a small part of their own business.

The one that really sets me on edge is "my good friend"

Anytime I see someone talk about "my good friend John Doe" then I know John Doe is going to try to sell me something, and give a kickback to the guy who sent me the email.

BTW Tim, just for you.

http://www.perotcharts.com

That article made no sense.

So the Administration is going to force banks to let foreclosed homeowners live in their homes and [in theory] pay rent? If that is the case, why would the bank even bother with the foreclosure? After all, they would get less money in rent, and be on the hook for all the maintenance.

And the government is going to "make mortgage payments on behalf of borrowers who cannot keep up with their home loans." WTF?!? Why don't we just cut the pretense and set up a direct wealth transfer? Makes me wonder why I wasn't a wastrel this past decade . . .

That would be the head of France, Nikolas Sarkozy. Whose wife is pretty darn attractive herself. YMMV.

If your Register of Deeds is online, you can also search the owners name to find the recorded mortgage[s] against the property. It's not foolproof, but it can give you a general idea.