Comments on: Having Faith in People, Until I get screwed http://www.jeffreymclarty.com/jm/2008/04/09/having-faith-in-people-until-i-get-screwed/ Just A blog, by J.N.McLarty - An Engineer, Derivative Trader and Austrian Economist Sun, 08 Jan 2012 14:51:15 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Jeffrey McLarty http://www.jeffreymclarty.com/jm/2008/04/09/having-faith-in-people-until-i-get-screwed/comment-page-1/#comment-29 Jeffrey McLarty Sun, 13 Apr 2008 04:32:48 +0000 http://www.jeffreymclarty.com/jm/2008/04/09/having-faith-in-people-until-i-get-screwed/#comment-29 Hey NotReallySure, Thank-you for your insight, it's a local technicality. I'm in Waterloo, Ontario, and there are two huge universities. Town is like 50% students during 8 months of the year. The local lenders are more strict with student accomadations. We were using a realator, the only reason I got to talk to the actual bidders is because of the multi-bid situation. It was awesome. Hey NotReallySure,

Thank-you for your insight, it’s a local technicality. I’m in Waterloo, Ontario, and there are two huge universities. Town is like 50% students during 8 months of the year. The local lenders are more strict with student accomadations.

We were using a realator, the only reason I got to talk to the actual bidders is because of the multi-bid situation. It was awesome.

]]> By: Jeffrey McLarty » I’ll Stay Optimistic, Because, I Didn’t Get Screwed http://www.jeffreymclarty.com/jm/2008/04/09/having-faith-in-people-until-i-get-screwed/comment-page-1/#comment-28 Jeffrey McLarty » I’ll Stay Optimistic, Because, I Didn’t Get Screwed Sun, 13 Apr 2008 03:06:05 +0000 http://www.jeffreymclarty.com/jm/2008/04/09/having-faith-in-people-until-i-get-screwed/#comment-28 [...] « Previous [...] [...] « Previous [...]

]]> By: notreallysure http://www.jeffreymclarty.com/jm/2008/04/09/having-faith-in-people-until-i-get-screwed/comment-page-1/#comment-27 notreallysure Sun, 13 Apr 2008 00:14:22 +0000 http://www.jeffreymclarty.com/jm/2008/04/09/having-faith-in-people-until-i-get-screwed/#comment-27 if they are going to lie to the bank about the students being a family, and they need the family to get the financing, then why can't they lie to the bank now? Something is wrong. It makes no sense that the bank would rather have the space vacant with the hopes of renting to a family instead of having it already rented (if the students don't work out and the place has to be released then the bank is no worse off) The current set up leaves you with all the downside risk and them none. If nothing else, you should require that the deposit money not be contingent on them getting financing. I would also find a lawyer friend and ask if the banks request is even legal under fair housing laws (I don't think so). Any chance some of the multi-bidders knew each other? Read the contract carefully and see what the buyers rights are at the time of closing if you have not provided a vacant space and breach the contract. Have you seen a copy of the estimated closing expenses? Which one of you is required to pay the title insurance? Have they requested that you use their title agent? Are you using a realtor or are you handling this sale yourself? If you are using a realtor then is the buyer using a buying agent or is there just one realtor handling both sides? Does the contract call for the buyer to pay any of the closing cost that would be incured before the closing, ie: aprasial, home inspection, etc, or are you required to pay them all? if they are going to lie to the bank about the students being a family, and they need the family to get the financing, then why can’t they lie to the bank now? Something is wrong. It makes no sense that the bank would rather have the space vacant with the hopes of renting to a family instead of having it already rented (if the students don’t work out and the place has to be released then the bank is no worse off) The current set up leaves you with all the downside risk and them none. If nothing else, you should require that the deposit money not be contingent on them getting financing. I would also find a lawyer friend and ask if the banks request is even legal under fair housing laws (I don’t think so). Any chance some of the multi-bidders knew each other?

Read the contract carefully and see what the buyers rights are at the time of closing if you have not provided a vacant space and breach the contract. Have you seen a copy of the estimated closing expenses? Which one of you is required to pay the title insurance? Have they requested that you use their title agent? Are you using a realtor or are you handling this sale yourself? If you are using a realtor then is the buyer using a buying agent or is there just one realtor handling both sides? Does the contract call for the buyer to pay any of the closing cost that would be incured before the closing, ie: aprasial, home inspection, etc, or are you required to pay them all?

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