Comments on: Foreclosures: Read the Fine Print http://thephoenixagents.com/foreclosures-read-the-fine-print/ Chris Butterworth - sharing thoughts on real estate (and everything else.) Mon, 06 Feb 2012 05:42:25 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Top 5 real estate posts of the day – Friday 5/29/2009 http://thephoenixagents.com/foreclosures-read-the-fine-print/comment-page-1/#comment-1292 Top 5 real estate posts of the day – Friday 5/29/2009 Fri, 29 May 2009 15:14:00 +0000 http://thephoenixagents.com/?p=4518#comment-1292 [...] Foreclosures: Read the fine print – Heather Barr takes a look at some language in bank addendums which accompany every foreclosure [...] [...] Foreclosures: Read the fine print – Heather Barr takes a look at some language in bank addendums which accompany every foreclosure [...]

]]> By: Craig Frooninckx http://thephoenixagents.com/foreclosures-read-the-fine-print/comment-page-1/#comment-1286 Craig Frooninckx Thu, 28 May 2009 15:33:04 +0000 http://thephoenixagents.com/?p=4518#comment-1286 Hi Heather, Yea, love the one-sided contracts, the clause I loved in a recent contract was that the buyer had to pay a daily late fee, but if the bank was late, there was no penalty at all. Also, another thing to watch out for is how title will transfer. I have my bottle of Tylenol sitting on my desk when I have REO deals in the works. Hi Heather,

Yea, love the one-sided contracts, the clause I loved in a recent contract was that the buyer had to pay a daily late fee, but if the bank was late, there was no penalty at all.

Also, another thing to watch out for is how title will transfer. I have my bottle of Tylenol sitting on my desk when I have REO deals in the works.

]]> By: Chris Butterworth http://thephoenixagents.com/foreclosures-read-the-fine-print/comment-page-1/#comment-1285 Chris Butterworth Thu, 28 May 2009 13:22:34 +0000 http://thephoenixagents.com/?p=4518#comment-1285 excellent post! I've had similar discussions with buyers of REO properties; it goes something like this: "if you want the benefits of buying an REO (cheap), you have to weigh the benefits against the risks.. Benefits * amazingly low price Risks * home has been vacant for a long time. inspections can only show so many problems, who knows what you're going to have to deal with once you move in..? * no seller's disclosures. * not using the standard purchase contract, which means we have to learn as we go, making it harder to game plan. * using a standardized contract which is written to be 100% in the banks' favor. * fewer, if any, contingencies. much higher risk of losing your earnest money. * you're not dealing with a "person", so there's less give & take / meet in the middle / common sense. The bank will make you play hurry up and wait, or wait and then hurry up. * timelines may be fuzzy (at least on the banks' side of things.) this makes planning your move potentially more difficult. OK, still want to buy it? Better have all your ducks in a row before you start firing off offers.. excellent post! I’ve had similar discussions with buyers of REO properties; it goes something like this: “if you want the benefits of buying an REO (cheap), you have to weigh the benefits against the risks..

Benefits

* amazingly low price

Risks

* home has been vacant for a long time. inspections can only show so many problems, who knows what you’re going to have to deal with once you move in..?
* no seller’s disclosures.
* not using the standard purchase contract, which means we have to learn as we go, making it harder to game plan.
* using a standardized contract which is written to be 100% in the banks’ favor.
* fewer, if any, contingencies. much higher risk of losing your earnest money.
* you’re not dealing with a “person”, so there’s less give & take / meet in the middle / common sense. The bank will make you play hurry up and wait, or wait and then hurry up.
* timelines may be fuzzy (at least on the banks’ side of things.) this makes planning your move potentially more difficult.

OK, still want to buy it? Better have all your ducks in a row before you start firing off offers..

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