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Rainer
13,196
Amanda Oakley
Agent Professor - Salt Lake City, UT
I am a real estate student

I had to ask this question for my education too, I am surprised at the responses. It seems that many agents aren't well versed in these situations. I turned to google to broaden my scope hoping I could find some answers. 

 

Sep 25, 2017 12:39 PM
Ambassador
5,754,403
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

He/she who writes the contract generally wins.

Feb 17, 2017 11:00 PM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The Santa Clause I find troubling.

Feb 17, 2017 05:52 AM
Rainmaker
3,070,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Sam Shueh nailed this one!

Feb 17, 2017 01:00 AM
Ambassador
4,316,215
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

abby tiscareno - of course, if the borrower can't pay - there should be some 'action', isn't it?

Feb 16, 2017 10:54 PM
Rainmaker
2,155,202
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Abby, are you in real estate class?  You may want to do your research on your own.  This is a great question for a lender.

Feb 17, 2017 06:30 AM
Rainmaker
1,183,950
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

?

Feb 16, 2017 09:42 PM
Rainmaker
4,264,565
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

BeClause...BeClause...BeClause

Feb 21, 2017 07:57 AM
Rainmaker
5,326,003
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

We do not put mortgage clauses, besides the approved language from the Real Estate commission.

Feb 19, 2017 10:08 AM
Rainmaker
7,038,403
Roy Kelley
Retired - Gaithersburg, MD

Read the terms of the agreements.

Feb 18, 2017 04:10 AM
Ambassador
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 I don't know.

Feb 17, 2017 07:41 PM
Rainer
4,186
Norman Zhu
Nu Stream Realty - Surrey, BC
Greater Vancouver Realtor@

The buyer is protected before get into the binding contract if the mortgage can not get through. This is the first key subject which a realtor must put on the CPS.

Feb 17, 2017 11:54 AM
Rainmaker
808,903
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Depends on what the clause is

Feb 17, 2017 09:25 AM
Rainmaker
2,691,488
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

They set-up the litigation arena if there is to be one...They are critical thinking reduced to writing based on Real Estate & contract laws

Feb 17, 2017 08:04 AM
Ambassador
3,158,645
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

In Every Possible Way .... and Beyond!!!!

Feb 17, 2017 08:03 AM
Rainmaker
5,580,884
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

a mortgage clause protects the buyer's deposit.... the contingency date for notice is very important....

Feb 17, 2017 07:30 AM
Rainmaker
5,767,466
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Abby,

Talk to a lender.  A

Feb 17, 2017 07:26 AM
Rainmaker
1,157,535
FN LN
Toronto, ON

It depends on the clause.

Feb 17, 2017 07:10 AM
Rainmaker
4,569,338
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

If you don't pay they take it away! 

Feb 17, 2017 06:51 AM
Rainmaker
1,672,315
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

All the mortgage clauses help the lender.

Feb 17, 2017 06:38 AM
Rainmaker
1,466,027
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

abby tiscareno Like any clause, they would protect the lender in the event of a default.

Feb 17, 2017 06:19 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Which clauses are you referring to?

Feb 17, 2017 05:29 AM
Rainmaker
915,898
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

To insure the lender suffers no harm, lose revenue or held accountable.

Feb 17, 2017 05:25 AM
Rainmaker
4,492,665
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ask a lender. And what are you asking in any event?

Feb 17, 2017 04:51 AM
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Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

great question for a banker

Feb 17, 2017 04:47 AM
Rainmaker
1,358,111
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

Let's ask the #1 lender in ActiveRain, Jason E. Gordon ...

Feb 17, 2017 01:23 AM
Rainmaker
206,670
Chuck Mixon
The Keyes Company - Cutler Bay, FL
Cutler Bay Specialist, GRI, CDPE, BPOR

Each clause is added to meet the need of the lender. Acceleration clause speeds up the payment so that the balance is due now. The assumption clause explains if the loan is assumable or not. There are too many to explain here but that is the purpose of adding and removing clauses  as needed.

Feb 16, 2017 10:12 PM
Ambassador
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

If the borrower doesn't pay, they don't stay and the lender gets the house. That is the short version.

Feb 16, 2017 09:24 PM