Let me explain why:I am currently in Real Estate school to get my sales license and just tonight I finished my course on Short Sales.

The best way pick up the phone and call a agent and be honest and explain what you are looking for and don't expect the agent to work for free.Joe Gore

She didn't seem interested at all, and said just send me something in writing that explains this.

Private lenders who may charge fees probably can get away with it if not objected to in a closing (like by a title company) but that can become an issue at payoff, in collections or default situations and if the lender is in violation, penalties can be applied.I, as a broker had originations of hard money from 1 to 2 points and origination fees, they were in line with secondary market costs but with a higher rate and usually at 10%.

Hey Ryan- could you explain the 50% rule?

I'm not an attorney, I'm a finance guy, one who has given expert testimony in courts with such given without much, if any, objection or challenge to it.

Others have done a great job of explaining the pros/cons.

Basically if I have an objection to a defect on the title (in this case the right of first refusal in the condo docs) then I have to let the Seller know at which point they can choose to either cure the defect or terminate the contract.

thanks so much for taking the time to explain!

Owning free and clear sounds good but is a poor, if not broken, financial tool.The object is to get cash flow . . . not to own a big pile of gold that you cannot "use".My advice is to search hard and long for a 40-year mortgage, variable rate, with a less-than 3-percent cap on the LIBOR and a lifetime maximum cap of 12-percent or less.