OAR 863-015-0135 is the administrative rule that the real estate agency has developed to dictate how buyers of real estate licenses handle offers to purchase. Among the provisions of the rule is the language that deals with serious money. According to OAR 863-015-0135 (5), the nature of serious money, whether in cash, cheques or bonds, must be stated in the “document that serves as serious proof of money.” In order for that seller to fulfill a compensation purpose, the money had to be placed under the buyer`s control, so that he was available if the seller was entitled to it. At the same time, the serious money had to be taken by the seller so that it could be returned to the buyer if the transaction failed without the buyer`s fault. Two solutions to this dilemma have developed rapidly. One of them was that the seller`s agent or sub-agent put the money into a client trust account opened and operated by the broker. The other was to put the money in the trust once the trust was opened on the contract. These two methods brought serious money out of the unilateral control of one of the two parties. REO`s contractual and additional clauses may provide the buyer with additional risk deferral surprises.
The negotiated title can be a good deal.B. a special sale or warranty agreement containing the same security guarantees as for the sale of homeowners/buyers. If the buyer wants financing, the seller may require prequalification by a lender determined at the buyer`s expense. This is completely legal as long as they do not make where the loan itself comes from a term or condition of the sale. Finally, many REO contracts contain “per diem” clauses that can cost the buyer up to a hundred dollars a day for any delay in conclusion, regardless of the reason for the delay. Fraud is a matter of deception. It is a deliberate concealment of material facts. The material fact we are talking about in a short sale is the result of another offer. This is important to the lender, since the seller asks the lender to reduce the payment of the mortgage or mortgage based on the price of an accepted offer. If I act for the lender to make a $50,000 loss by concealing the existence of an offer that would significantly reduce their loss, I am not honest, I act fairly or I fulfill the mortgage reduction contract in good faith as soon as I get it. When a seller asks the lender to make a loss based on a given offer, he cannot simply ignore the best subsequent offers. Written insurance means a communication from the seller to the buyer, clearly stating why the performance of the other party is questionable, and the invitation addressed to the buyer to ensure that they would provide the service and how.
In our example, for example, the seller would send the buyer a notice indicating that the seller has learned through the buyer`s representative that the buyer will not be able to recover the funds necessary to conclude. The letter then passes the seller`s intention to enter into the contract on the terms and asks the buyer to assure the seller that the buyer will provide the service required by the contract. A short period of time (one or two days) to obtain the buyer`s insurance is given.