I am writing a contract tomorrow on a house that looks like it had some termite damage. There is a lot of new wood on the house so it looks like someone made repairs already. The house is a REO property that the realtor is listing it for 154,500, but I’m not going to pay anywhere near that. The comps in the area for that size house is 175,000 - 178,500. The realtor wants 1,000 as a binder deposit but I don’t have the money to do it. How do I get around this?
Also the bank expects me to sign an addendum if they accept the deal. Has anyone done something like this?
I want to do another deal but there is an addendum on that deal as well. I the addendum there is a no assignment clause and they are stating that they will choose the time and the place to close the deal.
How do I get around the no assignment clause? Do I tell them that I want to use my title company or attorney?
(D) ASSIGNMENT OF CONTRACT: Buyer shall neither assign its rights nor delegate its obligations
hereunder without obtaining Seller’s prior written consent, which may be withheld in Seller’s sole
discretion. In no event shall any assignment relieve Buyer from its obligations under this Contract. If
Buyer attempts to or actually assigns or delegates the Contract and/or Addendum without obtaining Seller’s
prior written consent, then both the Contract and Addendum may be deemed null and void at Seller�s
discretion. In the event that Seller chooses to nullify the Contract and Addendum for this reason, then
Seller shall not be required to refund Deposit or Costs to Buyer.
(N) TITLE AGENT
Seller shall pay the title examination fee and the premium for the title insurance policy and SELLER shall
also select the title agent issuing same. Buyer shall pay their customary closing fee to the closing/title
agent. If buyer obtains a mortgage loan in connection with this purchase, the buyer will pay any premium
of a mortgagee title policy. The buyer is entitled to legal representation at the closing and may elect to have
such representation at buyer�s expense. All closing transactions will be held at a time and location selected
by seller. It is the seller�s intent to deliver an owner�s title insurance policy in lieu of an abstract in the
customary abstract states. The buyer hereby accepts the title insurance in lieu of an abstract if applicable.