:)jokes aside, it does seem extreme and I would probably follow up with the agent/seller asking an explanation why the extremely high excess charges.

Here's my quick and dirty explanation though:Land Contract or Seller Financing: The seller acts as the bank and holds a note on the property (Memorandum of Land Contract) which the buyer pays back over time.Subject To or "Subject to the existing mortgage" : Now the seller relinquishes the property to the buyer (using a Quitclaim rather than traditional title closing) while leaving the mortgage in their name.

The OP owes no explanation to this guy whatsoever he’s late with his rent.

@Elliott Hughes Zoran did a good explanation.

Hi Wendy Thank you for your explanation.

Is there any explanation that anybody would know of?

If the rental demand is affected, which they should research frequently, they can adjust this policy and send out a notification to their clients with an explanation.

@Craig Gray you asked for an in-depth explanation...

Great explanation @Michael Ealy!

Mortgage appraisal reports are written for people like him, and so very often certain things go unsaid because it is expected the intended user of the report (the lender, not the borrower) understands many things without needing explanation.