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 Post subject: Re: Downsizing
PostPosted: January 11, 2017, 11:38 am 
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Toyotaphobe
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Joined: April 5, 2008, 2:25 am
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Location: Fort Worth, Texas
He's right, it is complicated and because of Federal regulations "protecting you" there's a process that must be followed.

If you sent your release in and went out and bought another house it is possible you could end up owning 2 houses, or being required to own 2 houses and then you could be on the wrong end of the court battle. Lenders have lots of money and aren't afraid to sue.

Houses are the ultimate big ticket item according to the law and because consumers are so ignorant of the process and are likely to get in over their heads there's some very rigorous "protections" built into the process that can't be short tracked.

It's gotten even worse since the Super Majority & the Dodd-Frank Act. Congress actually said they thought there were people who had accidentally bought houses, and if you've been through the process you know that's not possible, so they made it even tougher to buy and to get out of contracts now.

In 99% of the cases you want to run screaming from any sort of short sale or foreclosure since it's usually the property with the problem, not the owner. If they haven't been able to sell it then what are the odds you will when it's your turn to move again. You always buy a home with the thought of selling it.

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 Post subject: Re: Downsizing
PostPosted: January 11, 2017, 12:20 pm 
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Why isn't the language in the language in the contract brought up to date if the rules have changed? I deal in multimillion dollar commodity contracts all the time, it's my job.
In normal contract law words have very specific meanings for a reason. Lawyers make a nice living at word selection.

I pulled up my latest copy of Business Law's Guide to Purchasing Transactions and Terminate and Contingent are two really well defined legal words.


I'm ridiculously frustrated with this process.

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OOPS I did it again
http://www.locostusa.com/forums/viewtopic.php?f=35&t=17496

Blood Sweat and Beers
http://www.locostusa.com/forums/viewtopic.php?f=35&t=15216


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 Post subject: Re: Downsizing
PostPosted: January 11, 2017, 1:03 pm 
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The language is correct, but the procedures aren't specified in the contract, they are specified in the law.

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 Post subject: Re: Downsizing
PostPosted: January 11, 2017, 1:21 pm 
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carguy123 wrote:
The language is correct, but the procedures aren't specified in the contract, they are specified in the law.


:thmbsup:
Thanks for the explanation. It's far more than I got from the broker.

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Too much week, not enough weekend.

OOPS I did it again
http://www.locostusa.com/forums/viewtopic.php?f=35&t=17496

Blood Sweat and Beers
http://www.locostusa.com/forums/viewtopic.php?f=35&t=15216


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 Post subject: Re: Downsizing
PostPosted: January 13, 2017, 3:56 pm 
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We made the offer on the house we'd like and it was accepted yesterday. Release letter on the short sale came back Wednesday night, so all is right with the world on the home buying front, at least for now.

We have the mechanical and termite inspections scheduled for Monday the 16th and closing is scheduled for Monday the 30th.

We're still set to close on selling our house Wednesday Feb 15th.

That means I have to finish rebuilding the top end on my race car and get the carb tuning dialed in this weekend. I need to concentrate the rest of the time on getting rid of excess stuff and packing for the move.

Too Busy kicking in to overdrive in the coming days.
:cheers:

_________________
Too much week, not enough weekend.

OOPS I did it again
http://www.locostusa.com/forums/viewtopic.php?f=35&t=17496

Blood Sweat and Beers
http://www.locostusa.com/forums/viewtopic.php?f=35&t=15216


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