Comments on: Buyers May Not WANT Condo Docs for Short Sales & Foreclosures http://blog.wethmangroup.com/2008/12/01/buyers-may-not-want-condo-docs-for-short-sales-foreclosures/ Thoughts, Opinions, and Rants and Raves about the DC Area Real Estate Market Thu, 20 Jan 2011 14:24:48 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Katie Wethmanhttp://blog.wethmangroup.com/2008/12/01/buyers-may-not-want-condo-docs-for-short-sales-foreclosures/comment-page-1/#comment-68 Katie Wethman Tue, 02 Dec 2008 14:16:00 +0000 http://blog.wethmangroup.com/?p=133#comment-68 Hi Cindy, and thanks for the comment. You're absolutely right that it's required, the frustration is that the buyer's only remedy is usually to back out (I say usually because sometimes buyers can order and pay for the docs themselves). The banks and owners just aren't motivated enough to bother with it, and most don't understand that it's a legal requirement under the contract. I'd rather see the legal requirement have a monetary penalty attached if the bank/seller doesn't comply, but as it is right now, it's kind of a toothless law. Buyers can either accept that they're not getting the docs, or walk away. Hi Cindy, and thanks for the comment. You’re absolutely right that it’s required, the frustration is that the buyer’s only remedy is usually to back out (I say usually because sometimes buyers can order and pay for the docs themselves). The banks and owners just aren’t motivated enough to bother with it, and most don’t understand that it’s a legal requirement under the contract. I’d rather see the legal requirement have a monetary penalty attached if the bank/seller doesn’t comply, but as it is right now, it’s kind of a toothless law. Buyers can either accept that they’re not getting the docs, or walk away.

]]> By: Cindy Joneshttp://blog.wethmangroup.com/2008/12/01/buyers-may-not-want-condo-docs-for-short-sales-foreclosures/comment-page-1/#comment-67 Cindy Jones Tue, 02 Dec 2008 14:04:00 +0000 http://blog.wethmangroup.com/?p=133#comment-67 I'm always surprised at the number of agents who try and shirk getting the HOA or Condo documents saying the bank won't pay for it. Every conversation I've had with a settlement attorney indicates that the lenders can not violate VA Law which states it is the sellers responsibility to provide the documents. Documents still need to be delivered per the contract and you are right if they are not it gives the buyer the right to back out right up to settlement. I’m always surprised at the number of agents who try and shirk getting the HOA or Condo documents saying the bank won’t pay for it. Every conversation I’ve had with a settlement attorney indicates that the lenders can not violate VA Law which states it is the sellers responsibility to provide the documents. Documents still need to be delivered per the contract and you are right if they are not it gives the buyer the right to back out right up to settlement.

]]> By: Katie Wethmanhttp://blog.wethmangroup.com/2008/12/01/buyers-may-not-want-condo-docs-for-short-sales-foreclosures/comment-page-1/#comment-66 Katie Wethman Tue, 02 Dec 2008 13:48:00 +0000 http://blog.wethmangroup.com/?p=133#comment-66 Right on both counts, Frank. After settlement you are presumed to have accepted the property. And all parties in a transaction are required to deal honestly and in good faith, so if the sellers made an attempt to deliver the docs as specified in the contract, then you're likely not going to be able to use 'non-receipt' as grounds for voiding. Right on both counts, Frank. After settlement you are presumed to have accepted the property. And all parties in a transaction are required to deal honestly and in good faith, so if the sellers made an attempt to deliver the docs as specified in the contract, then you’re likely not going to be able to use ‘non-receipt’ as grounds for voiding.

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://blog.wethmangroup.com/2008/12/01/buyers-may-not-want-condo-docs-for-short-sales-foreclosures/comment-page-1/#comment-65 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Tue, 02 Dec 2008 06:58:00 +0000 http://blog.wethmangroup.com/?p=133#comment-65 I'm glad you added the "up until settlement" part. As you lose your right to back out after settlement.<br/><br/>But you also don't want clients trying to avoid receiving the docs (like dodging their mail) as that might not count. I’m glad you added the “up until settlement” part. As you lose your right to back out after settlement.

But you also don’t want clients trying to avoid receiving the docs (like dodging their mail) as that might not count.

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