Does “as-is,” mean “no disclosures”?

Being up front with vital information has conquered the used car market, and was done solely for marketing reasons. Yet, real estate owned (REO) sales, trustee’s sales, short sales, and the agents that work those deals, have made a run in the opposite direction in spite of anti-fraud legislation. The problem These properties are sold…

What happens to a pending sales contract if seller files a Chapter 7?

The seller can file a Chapter 7 bankruptcy even if he is in contract to sell. The contract to sell (purchase contract) is an executory contract and the bankruptcy trustee has 60 days to accept or reject it. However, in the vast majority of cases, the property is upside down and the trustee will therefore…

If I switch financing during escrow, does the seller need to agree? (California)

Technically, yes. If you made an offer stating you would obtain a conventional loan, and then during escrow for whatever reason you must switch to an alternate financing such as an FHA loan, then the seller is not obligated to cooperate with buyer’s efforts to obtain the alternative financing. However, buyer’s failure to secure alternative…