Hey Mike, Here's the response from my boss (longer than I'd expected):
----------- Dear Michael, This was forwarded to me by Isaac Dealy in my office. I am in the real estate business here in Florida and am licenses as such by the state. We develop software for the real estate developers of condominiums around the country. He asked me for my opinion on your situation. I think this looks like the best of all worlds for anyone buying or selling real estate. The bank does not care about realtors in any way, shape or form. In fact, they probably despise the fact that a chunk of the mortgage goes to pay them such a bloated fee. The bank ONLY cares about the appraisal coming in at a reasonable number so they have some collateral in the event they get the property back. They are also typically concerned about the amount of money a potential buyer puts down but these days it can usually be done for 5%. They will make sure you have an inspection of the property as well as the appraisal. You MUST hire an attorney (not by law but by common sense) and the bank may require it. The bank will also require a title search to make sure that the person selling the unit really owns it and there are no leans against them. The last thing the bank wants is to end up with a property that actually belongs to someone else. A Real Estate attorney will make sure you are protected against these kinds of things. The attorney will charge you a fee or percentage for these services but it will be money well spent. Buying a home without a realtor is always the best idea if you know that this is the home you want. The best service a realtor can give you is a list off all the property for sale in your desired location. But, if you know this is the place you want to live there is no benefit in using a realtor as long as you have a real estate attorney holding your hand through the legal stuff that is necessary. Best of all, with interest rates where they are and the market so strong, there is no better time to buy. If you really did have to bail out at some time in the future, the worst that is likely to happen is that you only get your money back. And the more likely scenario is that you get it back plus the equity that is building artificially in your property. Good luck. Larry Harmon SITE Manageware, Inc. � (954) 880-8401 Office (954) 647-9854 Cell (954) 522-6698 Fax � [EMAIL PROTECTED] s. isaac dealey 954.927.5117 new epoch : isn't it time for a change? add features without fixtures with the onTap open source framework http://macromedia.breezecentral.com/p49777853/ http://www.sys-con.com/story/?storyid=44477&DE=1 http://www.sys-con.com/story/?storyid=45569&DE=1 http://www.fusiontap.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Find out how CFTicket can increase your company's customer support efficiency by 100% http://www.houseoffusion.com/banners/view.cfm?bannerid=49 Message: http://www.houseoffusion.com/lists.cfm/link=i:5:143011 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
