Purchase contract - Posted by Helene

Posted by David C. Cooper on June 15, 2007 at 17:46:10:

There is no way we can tell what is in your contract without reading it.

Did you give them a deposit without reading the contract?

Purchase contract - Posted by Helene

Posted by Helene on June 15, 2007 at 13:32:58:

Having trouble finding financing 95% LTV Stated income on new construction in Charleston. Builder says his lender can place me no problem.

Is there anything in the contract that says I must comply and use their lender. If I don’t try and use their lender, can they keep my deposit.

I put a financing contingency in for a reason…


Re: Purchase contract - Posted by Helene

Posted by Helene on June 15, 2007 at 18:57:33:

I have a financing contingincy of 95% LTV second home. Ya, it’s a weasel clause. In the two years it’s taken to build this place, I’ve decided I want nothing to do with condos.

I live in Myrtle Beach and have seen condo regims literally double last year due to insurance problems and there’s no solution in sight. I have a condo in CA and paid a 6K assessment last year. I want nothing to do with condos.

This purchase I’m talking about is a condo that I put a deposit down on in January of 06. I want nothing to do with it because of the above stated reasons and ideally want my 12K back. I put financing contingencies in my contracts for a reason. I’m willing to loose my deposit, but will definitely try and get it back first.

They are offering I can get a loan through their lenders…da. I’m sure they’d be more than willing to oblige…I can get a loan at any cost on my own. Thanks.

So that’s really what I’m getting at.

I’d be insane to go through with this purchase as it would take literally years to dig my way out of this hole.

Investors take chances, have weasel clauses, etc. Builders do the same. I’ve seen builders undercutting everyone, and don’t give a s— about who purchased in their communities these past couple of years.

I understand they have to stay in business, but I’m more concerned with my own skin. They’re offering the condo for less than I paid 1.5 years ago. Great.

I’m seeing people eating it big time whom closed on properties in Dec. of 06 who thought they would flip. I buy and hold, but only when it makes sense.

Condo’s with almost 1K negative that aren’t appreciating is not a good investment.