Posted by James Strange on March 14, 2002 at 06:36:47:
Thanks for the info, I will be on the look out for the exception!
seller antics - Posted by Mark-IN
Posted by Mark-IN on March 13, 2002 at 18:09:39:
Has anyone ever had problems buying an reo from Fairbanks Capital from PA? We have a signed purchase agreement with them and are ready to close. They sent an addendum for us to sign today, two days before close by date on purchase agreement and said they needed another week or so before they would be ready to close. What can we do as far as moving things along?
Re: seller antics - Posted by Mark (WV)
Posted by Mark (WV) on March 15, 2002 at 11:11:43:
Yes , I’m buying one from them now, they are a strange bunch.
I was sent a addemdum that stated they would not allow a simo close or a reassignment of the contract.
In with the same doc was included a policy that the insisted on the agent of their choice be used for closing and that if I chose the closing agent they would not pay for title,title insurance, taxes,or closing fees.
Now what kind of dummey would put something like that in a contract ? Of course I’ll use who ever they want and let them pay for it all !!!
Mark (WV)
Re: seller antics - Posted by Terry (Houston)
Posted by Terry (Houston) on March 14, 2002 at 24:32:02:
You might want to go to this site.
We have had as much problems with one of our loans as anyone on this board has http://www.conti-fairbanks.com/disc8_frm.htm
It is a nightmare company man. Good luck.
Terry
Re: seller antics - Posted by James Strange
Posted by James Strange on March 13, 2002 at 22:19:40:
check out http://www.conti-fairbanks.com/ not sure if it is just sour graps or what.
Re: seller antics - Posted by JoeKaiser
Posted by JoeKaiser on March 13, 2002 at 20:22:08:
It’s the nature of the beast. A week . . . I wouldn’t sweat it, especially if it has no meaningful effect on my end. Things happen.
Joe
Re: seller antics - Posted by John (Houston)
Posted by John (Houston) on March 14, 2002 at 20:00:01:
I have been looking for a re club to network in (newbie) which are you a regular? Just wondering do you invest in a specific type of property (since there are a plethra of re in this town)?
Man oh man … - Posted by Redline
Posted by Redline on March 13, 2002 at 23:50:46:
Conti/Fairbanks sure sounds like one hell of a sleazy outfit.
Good luck!
RL
Re: seller antics - Posted by Stevo
Posted by Stevo on March 14, 2002 at 22:26:37:
Realty Investment Club of Houston (RICH club)
www.richclub.org
713-947-7424
Re: Man oh man … - Posted by JoeKaiser
Posted by JoeKaiser on March 14, 2002 at 24:23:33:
It’s not as bad as it sounds for investors . . .
Houses with loans on them ALWAYS get redeemed prior to the tax sale. The lenders pay the taxes to avoid losing their interests. However, really dumb lenders who are so disorganized that they can’t keep track of these kinds of things sometimes miss the purpose of the complaint and ignore it, losing their interest in the process. Conti is THE exception to the ALWAYS rule.
When we see a tax sale property with a Conti loan, our hearts go pitter patter. The last time we talked with their attorney about a recently kissed goodbye property, he said they’d “just redeem it,” which was pretty funny since the only redemptions that happen in WA state happen in church, not after the tax sale.
You see Conti . . . there’s an angle, big time.
Joe
Re: Man oh man … - Posted by Redline
Posted by Redline on March 14, 2002 at 09:21:44:
Yep I’ve heard of this happening … not with Conti but certain banks in NJ. Supposedly all the M&A’s have left the paperwork in much disarray and sometimes they just never respond.
It’s a beautiful thing.
RL