It doesn't seem flawed to me. A purchase contract for a home in the US is about fifty pages of legalese long. Not a single person that signs such a thing, I am predicting, reads all of that. That is where they get you. Because you don't understand anything of what is written in the contract.
When you are sitting in a closer's office waiting to sign on the dotted line for a new house, there is extreme pressure to sign as they have other closings scheduled in half hour increments. You don't have time to get a lawyer to read the fine print for you and they don't have time to for you to read the fifty pages of fine print.
I think the whole real estate market in the U.S. is build on monopoly and fraud.
I have found a couple of really good deals around Katy, nice 3 bed/2bath homes for $40,000, but I cannot even get inside the home to do a visual inspection first. THAT requires that I have a real estate agent to accompany me. So I called my real estate agent to get access. I am still waiting for him to respond. He doesn't make any money off of a $40K repo so why would he care to show me?
It is all a sham and a fraud.
If the real estate agents were forced to explain ever single aspect of a real estate contract to you as a bank is forced to do, things would be much different.
As it is, the real estate gets paid on the value of the home and the mortgage broker gets paid on the value of the mortgage they take out. So its in their best interest to defraud innocent people to build up their totals.
In Belize your real estate contract is an understandable five page max document, double spaced, in size 12 font. There is no small unreadable print. And you don't need a real estate agent to close one for you.
Cheers,
Wendy
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