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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (21288)	6/4/2004 12:15:40 AM
From: TraderC	Read Replies (1) \| Respond to of 306849

Interesting. It's hard to blame the appraisers if those homes involve significant fix-ups.

To: GraceZ who wrote (21288)	6/4/2004 2:42:53 AM
From: X Y Zebra	Read Replies (1) \| Respond to of 306849

I have no idea if the suits were ultimately successful, I do know that numerous people have had to defend themselves in court against charges of "flipping" which as far as I know is not illegal. What they usually have tried to assert was that the appraiser was in on the deal or that they weren't doing their job properly. so... specifically, what was the charge? if the appraiser was not "in" the deal, then... 1. I assume it would be easy to prove 2. if it is still true you are innocent until proven guilty, then, what was the proof/argument that the suing party is bringing in front of the judge ? after all... an appraisal is only an opinion of value, based on whatever argument they would present, then presumably, the bank would also have to "be in collusion" do you know the specific charge ? "flipping" better defined as "an assignment of a contract" is perfectly legal in most places... However, there are exceptions to the 'assignability' of contracts, and likewise, they can be made non-assignable, within certain parameters... [and the correct language] again, real estate and the related law are not as simple as some of our psycho-babblers Real Trolls, real estate kings for a day who post in this here thread would have you believe... (in spite of "internet treatments" they claim to be placing upon others) it CAN BE a complicated subject... the trigger is yet again... a sharp trial attorney with a wide shoulder and large ears where the party with an alleged grievance can cry on.... mention the magic words in the right order put together with some paper work in place and voilá you are heading to court.... While in general... flipping is legal.. recenter.tamu.edu it is not without complications.... recenter.tamu.edu this is just the tip of the iceberg.... As a general rule, Texas views all contracts as assignable, just as all property is transferable. In fact, the definition of an assignment parallels the definition of a sale. An assignment is a transfer or grant of all the seller's rights, title and interest in property or in a contract. Texas law places some limitations on the assignment of sales contracts. For example, contracts providing extension of credit, such as owner-financed transactions, cannot be assigned. The seller's dependency on the creditworthiness of a particular buyer negates an assignment. Contracts involving character, skill and confidence cannot be assigned. And, this exception has an exception. Any contract may be made assignable by its terms. That is, an otherwise nonassignable owner-financed sales contract becomes assignable if the language in the agreement specifies so. This may lead to some unintended consequences. A 1953 Texas appellate decision involved an owner-financed land sales contract. The seller presumed it was not assignable. However, standardized legal language stated the contract "shall be binding upon the parties hereto, their heirs and assigns and legal representatives." The court ruled that the use of the word "assigns" indicated an intent to make it assignable. __________________________________ HUD FHA ? better read this.... mortgage-investments.com