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Rainmaker
1,826,276
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

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

Mar 26, 2019 01:34 PM
Rainmaker
1,164,311
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
4,056,251
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
3,867,343
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
1,706,140
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
862,009
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
3,982,389
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
4,469,282
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
1,357,243
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
5,323,182
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
6,323,045
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
5,175,471
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
662,704
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
1,132,570
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
1,693,563
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

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
2,061,599
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
1,596,146
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
4,697,407
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
932,978
Diana Zaccaro
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
2,992,691
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
5,570,474
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
3,839,203
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
2,008,499
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Protected from actions of the Lender

Mar 27, 2019 04:57 AM
Rainmaker
3,293,205
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