Re: Sleazy sponsor? - Posted by Brent_IL
Posted by Brent_IL on August 08, 2003 at 22:32:48:
Like Shawn, I?d be ashamed to call this guy my sponsor.
I believe that in the near future there will be a wave of unrealistic offerings because there will be an abundance of stock market refugees who won’t know that the deal is unrealistic.
#2 and #3 are items of negotiation. He can ask for anything and it may be his standard practice to do so. It should be your standard practice to tell him to get lost.
#1 isn’t a down payment if the deal is dependant upon new financing; it’s a 10% earnest money deposit.
Co-ops are complicated the way it is. Since you’re buying the stock, many banks will have additional lending requirements, if they do the loan at all.