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Old 04-06-2022, 07:49 PM
 
4,402 posts, read 3,195,009 times
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Oh, for Pete's sake. Never heard of them before, but yes, let's continue to treat everyone as a moron who must be protected from themself. Rolls eyes.
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Old 04-06-2022, 09:10 PM
 
Location: SW Virginia
2,189 posts, read 1,404,630 times
Reputation: 2016
Sounds like Big Government getting involved in a free society to me.
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Old 04-07-2022, 05:25 AM
 
8,031 posts, read 4,698,379 times
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Quote:
Originally Posted by Hollytree View Post
Let's say a seller is LBGTQ and decided that he/she wants to sell to another of similar description. This bill would ban that person's free choice (assuming, of course, that they expressed it as such).
I'm not sure straight persons are a specific protected class anywhere, unless gender is the issue. One protected class restricting a sale to another protected class doesn't violate any anti-discrimination laws I've heard of. Doesn't mean it not possible somewhere, but not here. Regardless, "Love Letters", however silly, are not exempt from real estate anti-discrimination laws.
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Old 04-07-2022, 07:45 AM
 
4,402 posts, read 3,195,009 times
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Quote:
Originally Posted by GeoffD View Post
This seems like a reasonable position on “love letters”. However, as a seller picking between multiple offers where they have mortgage and appraisal contingency clauses, I’d like to have some insight into credit scores, earnings history, and debt that is better than one of those faux bank pre-approval letters. That’s why sellers often take a lower cash buyer offer.
I've never understood this. Why does the seller care that the buyer might be a risk? As long as he's got a mortgage, that's his bank's problem, isn't it? If th seller were holding the mtg, I'd understand.
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Old 04-07-2022, 09:26 AM
 
23,569 posts, read 18,707,417 times
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Quote:
Originally Posted by sandsonik View Post
I've never understood this. Why does the seller care that the buyer might be a risk? As long as he's got a mortgage, that's his bank's problem, isn't it? If th seller were holding the mtg, I'd understand.

Because he hasn't "got" a mortgage until those papers are signed.
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Old 04-07-2022, 03:05 PM
 
4,402 posts, read 3,195,009 times
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Quote:
Originally Posted by massnative71 View Post
Because he hasn't "got" a mortgage until those papers are signed.
Most people are pre-approved these days, no? Either way,I don't get accepting the lower offer
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Old 04-07-2022, 03:21 PM
 
Location: Earth, a nice neighborhood in the Milky Way
3,799 posts, read 2,696,474 times
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Quote:
Originally Posted by sandsonik View Post
Most people are pre-approved these days, no? Either way,I don't get accepting the lower offer

Pre-approval isn't the end-all be-all. There are many different scenarios where a lower offer might be advantageous. For instance, in a multi-offer, overbid situation, there is often a question of whether the house will appraise high enough for the bank to allow the mortgage to proceed. That's not an issue with a cash offer.
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Old 04-07-2022, 03:42 PM
 
Location: Beautiful Rhode Island
9,290 posts, read 14,905,031 times
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Quote:
Originally Posted by independent man View Post
Regardless, "Love Letters", however silly, are not exempt from real estate anti-discrimination laws.
"Not exempt" assumes that "love letters" do violate real estate anti-discrimination laws.

In my experience, few, if any, do- but this bill would ban the seller from getting letters at all.

Of course, the burden of proof here is nonsense. Is a seller going to run around telling everyone he got a letter? Is the writer going to be charged with a crime?

Just excess unwarranted waste of time legislation.
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Old 04-07-2022, 04:35 PM
 
8,031 posts, read 4,698,379 times
Reputation: 2278
Quote:
Originally Posted by Hollytree View Post
"Not exempt" assumes that "love letters" do violate real estate anti-discrimination laws. In my experience, few, if any, do- but this bill would ban the seller from getting letters at all. Of course, the burden of proof here is nonsense. Is a seller going to run around telling everyone he got a letter? Is the writer going to be charged with a crime? Just excess unwarranted waste of time legislation.
It's probably something about nothing. If a love letter runs afoul of anti-discrimination laws, so be it. It's the law. Otherwise such letters are actually likely to mean much less than $$$$. Cash, few or no contingencies.
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Old 04-07-2022, 04:57 PM
 
23,569 posts, read 18,707,417 times
Reputation: 10824
Quote:
Originally Posted by sandsonik View Post
Most people are pre-approved these days, no? Either way,I don't get accepting the lower offer

A pre-approval letter is no guarantee that things will go through, especially if it's from some random out of state bank. A lot can go wrong in that time frame, be it problems with the appraisal or the buyer having second thoughts or not being able to come up with the cash at the last minute. Sometimes a slightly lower offer beats the time and money lost to a botched contract.
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