Apartment Buyers Abandoning 6-Figure Deposits.  Who walks away from a $780,000 deposit?  New Yorkers, apparently.

Fannie Mae: $25.2 billion loss.  Remember all those years months ago when we took Fannie and Freddie into “Conservatorship”?  Turns out that was yet another government term for “giving lots of your money to large financial firms”.  But hey, next to AIG, this looks like a profit.

“White Wedding”, the literal version.

Everything’s amazing; nobody’s happy.  Good stuff.

1 comment to Links

  • “Who walks away from a $780,000 deposit?”

    People who did not seek good legal advice first. I sometimes am willing to take on a contingency basis suits seeking to recover a portion of only $100,000 pre-construction condo deposits.

    In Florida I know there are lawyers who will take cases involving deposits of as little as $10,000.

    Here in California there is a special statute that in real estate contracts liquidated damages of more than 3% of the purchase price are presumed to be invalid. So if you put down 10%, you are presumed to get 70% of that deposit back if you default, though it is possible for the builder to overcome this presumption.

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