Am I missing something here? Liquidated damages provide for 3% in most sales contracts so how are HBs able to ask for and keep all 15% deposit as non-refundable? It's legally unsupported. Anything more than 3% is construed as a penalty and not enforceable.
HBs are required to mitigage their damages, not by assumption of a drop in property value, but by actual realized loss. They are required by best efforts to remarket the property and if similar models are reselling at the same or higher price, they could be held for further liability if the...
NIR -
For what you are being compensated, up to 6% commission on a $1MM home (according to what you say your targeted market is), that's $60,000 for a few hours of work. For this amount of money, even if I were to pay a lawyer $500/hour, I know I wouldn't be paying anywhere near that...
Standard Pacific reports a swing of Q1 loss of $40.8MM from $94.8MM profits a year ago, then immediately declares a dividend. Do I smell another NEW CENTURY?
graphrix -
I strongly believe in freedom of choice and let the people be held accountable for their own business judgments. Who is NAR to say that people are too stupid to handle their own RE transactions, that there is a need to be represented or the consumer will be hurt? And why...
If houses were built on landfills, homebuyers would have had to sign off on disclosures and this information would be passed on down the chain of title. This is material information that could make or break a transaction, and would be a huge lawsuit for homebuilders if they "fail" to divulge it.
Realtors are overpaid, simply put, and why NAR is adopting a cartel approach to protect its interests, lobbying against discounted real estate services, anti-competitive if not down right anti-trust policy (i.e. restricting MLS listings from discounted brokers, etc.).
"The "focus on the monthly payment" mentality is how car dealers rip people off with outrageous prices and loans filled with fees."
You're right on. All the players in this market want buyers to focus on the monthly payments, not prices: banks can charge higher loan fees, realtors make...