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Rainmaker
1,901,498
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

It depends on the claus kennith Frazier .  BTW my favorite is Santa.

Mar 26, 2019 01:34 PM
Rainmaker
1,233,137
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Instead of 20 Questions per day...

Mar 26, 2019 02:01 PM
Ambassador
4,259,992
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

It depends upon which clause you are referring to...most protect the mortgagee.

Mar 26, 2019 08:26 PM
Rainmaker
4,123,282
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I have no idea what clauses you are talking about. I suggest you pose this question to a lender.

Mar 26, 2019 04:19 PM
Rainmaker
1,926,309
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Great question for a licensed mortgage broker.

Mar 26, 2019 04:00 PM
Rainmaker
911,686
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Loan agreements are long and complicated. They are drawn up by the lender's lawyers. Nuf said.

Mar 26, 2019 03:31 PM
Rainmaker
4,215,215
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

A clause in the mortgage or a mortgage contingency clause in a real estate contract?

Mar 26, 2019 03:16 PM
Ambassador
4,582,785
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

It depends on what they are. Some protect the lender.

Mar 26, 2019 02:28 PM
Rainmaker
1,387,928
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'm sure some do, while others protect the lender.  Probably more of the later than the former.

Mar 26, 2019 02:06 PM
Rainer
187,002
Raj Taj
RE/MAX - Lake Bluff, IL
Drive By Blessings!

"I like turtles."

Mar 26, 2019 03:15 PM
Rainmaker
5,592,628
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Kennith,

It depends on the clause...clauses differ.  A

Mar 26, 2019 01:39 PM
Rainmaker
6,614,358
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

If they do not qualify, the proper wording may allow them to have the deposit returned.

Mar 26, 2019 04:47 PM
Ambassador
5,414,363
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Which ones do you have in mind?

Mar 26, 2019 04:27 PM
Rainmaker
684,915
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

It keeps them from losing their deposit & allows them to back out of the deal unscathed if say the inspection was a bomb. 

Mar 26, 2019 02:33 PM
Rainmaker
1,154,075
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Wrong test question- Your teacher needs to redo their questions. Mortgage or loan agents is required to be licensed local and State for ~10 years. This is for a different license. We are realtors. 

 

 

Mar 26, 2019 02:27 PM
Rainmaker
1,723,705
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

yikes, they don't. At the closing the bank is already getting ready to foreclose on the new buyers.

Mar 27, 2019 05:15 AM
Rainmaker
2,062,534
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Shoudl ask a mortgage broker.

Jun 19, 2019 08:56 AM
Rainmaker
1,596,606
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

No idea. 

Jun 19, 2019 08:31 AM
Rainmaker
4,945,362
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Good luck with your studies.

Apr 01, 2019 03:59 PM
Rainmaker
961,361
Diana Zaccaro Broker Associate
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

You need to direct your mortgage Qs to a mortgage lender. If you don't have a relationship with a local lender, now is a great time to find  one and develop a good working relationship. It is essential to work with good lenders when you get your license.

Mar 27, 2019 01:27 PM
Ambassador
3,058,497
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I wish you all the best with your real estate studies. 

Mar 27, 2019 01:02 PM
Rainmaker
5,571,934
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

ask someone who is in the financing end of our profession....

Mar 27, 2019 11:09 AM
Rainmaker
4,047,526
Richard Weeks
Dallas, TX
REALTOR®, Broker

I think the 2 that protect the borrower the most are:

Due on sale clause.  You sell the house the entire balance is due.

Acceleration clause.  You miss a payment the entire balance is due.

Mar 27, 2019 07:55 AM
Rainmaker
2,024,200
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Protected from actions of the Lender

Mar 27, 2019 04:57 AM
Rainmaker
3,331,943
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

As said, the short story is if they can not get a mortgage, they get their deposit back as long as they stay within the time frame in the contract

Mar 27, 2019 04:29 AM