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Posted by Rainmaker on June 15, 2006, 7:34 pm
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>>
>>>I ran into a difficult deal where in the Sales contract included the
>>>mandatory "Golf Equity" into the sales price. Understandably, BofA
>>>considered it chattel and refused to finance that amount. The Borrower
>>>said nothing until the day of closing and had his Attorney threaten me as
>>>being incompetent and that they finance Golf Equity all day long. Did I
>>>drop the ball on this one? I am not aware of lenders who will finance
>>>this along with the home. I have asked the Borrower to produce the names
>>>of the lenders who previously handled this situation but he has yet to
>>>provide me with the names stating only that he had them.
>> I don't think you dropped the ball. If the attorney can't produce names
>> of lenders who include the golf equity membership (which clearly is
>> chattel), then you might suggest they re-write the purchase contract to
>> exclude reference to the golf equity membership, and write a seperate
>> contract to be executed outside of closing.
>
> Thank you for responding. The deal is closed and I am scum. lol. To me it
> was clearly chattel so I did not persue the issue. In retrospect, I should
> have read the contract closer and suggested the new contract from the
> beginning. But there were too many confident Attorneys involved so I did
> not want stir up the pot.
Did you get the loan, or did they hand it off to someone else? Was the golf
equity membership financed in the loan?
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