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Old 05-23-2005, 10:48 AM  
detoxed
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Join Date: Jan 2003
Posts: 17,798
Quote:
Originally Posted by AaronM
If you buy a house that costs $300,000.00 and you make a down payment then finance the rest......

Lets pretend that you fall behind on your payment and the house is repossessed by the bank......

How many of you think that the bank is going to give you your money back? Do you think that they will say...Well, you've paid for 75% of the house so we will let you keep 2 bedrooms, the kitchen, and half of the living room?

OR......


You enter into an agreement to buy a porn site. There are payment terms discussed as well as legal rights about the content licensing on that site and you are required to follow those terms and license.

If you can't make the payment on that site OR you violate the terms of the sale....You will lose the site as well as any and all money that you invested into it.

Now, there are a million ways that people could spin these two situations but the bottom line is that the bank would repo the home, auction it off, and not give the prior owner a single dime. In the case of the website...You would lose your investment there as well.

Both of these situations have happened and will continue to happen as long as people are buying and selling things on terms and or issuing limited licenses.

If you can't complete the deal without violating the terms then perhaps you should not be considering the deal in the first place.

If you don't agree with this then you need to take some business courses and find out how the real world works.

Good night.

Dont they give the homeowner the profits after reposessing and selling the house? They keep what they are owed, the old owner got the rest? Thats the way I've seen it happen.
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