Heritage Circle Condominiums

  

  

 

House Bill 115: This proposal states that during the pendency of a foreclosure action, if the unit is occupied by a tenant, the association may demand that the tenants pay rent directly to the association, with a right of eviction for non-compliance. This Bill would also permit the condominium association to suspend certain common element use rights for nonpayment, although utility services could not be suspended. Voting rights could also be suspended for delinquencies. Similar amendments are proposed in this Bill for Chapter 720, the Florida Homeowners Association Act.

Senate Bill 164: This proposal requires any mortgagee which has not completed its foreclosure within six months from filing its foreclosure lawsuit to pay the “statutory cap” (six months of past due assessments or one percent of the original mortgage debt, whichever is less) during the pendency of the lawsuit. This proposal would apply to condominiums only.

House Bill 329: This proposal would also allow the collection of rents directly from tenants, and permit suspension of certain common element use rights and voting rights. Significantly, this Bill also deletes the statutory cap and would require a foreclosing lender to pay all unpaid assessments if the foreclosure action is not completed within a year.

House Bill 337/Senate Bill 968: This Bill states that if an owner is delinquent in the payment of assessments, they can be restricted from running for office, holding office, serving on committees, leasing units, or using the common areas.

House Bill 419/Senate Bill 864: This Bill is similar to a couple of others already discussed regarding the right to demand payment of rents directly from tenants. This proposal also states that an association’s claim of lien can include the cost of collection efforts by management companies or licensed managers.

Senate Bill 780: This Bill would require a financial institution that institutes a foreclosure proceeding to timely pay all fees associated with or owed by that property, including but not limited to homeowner’s association fees, maintenance fees, and property taxes.

Senate Bill 1196: This proposal, similar to several of the others mentioned above, includes the right to collect management company charges as part of the association’s lien, permit interception of rents, and permit suspension of common element use rights and voting rights. This proposal is applicable to both condominiums and homeowners’ associations.

Senate Bill 1270: This Bill would permit a condominium association to disallow use of common area facilities by unit owners who are delinquent in the payment of assessments by more than ninety days.

Senate Bill 1272: This proposal would change the condominium “statutory cap” from six months of past due assessments/one percent of original mortgage debt (whichever is less) to twelve months past due assessments/one percent of original mortgage debt (whichever is less). This Bill further provides that in addition to the “statutory cap”, if a first mortgagee institutes a foreclosure action, the mortgagee is liable for any special assessments levied against a unit during the pendency of such action for damage to the condominium property.

PLEASE SIGN THIS PETITION AND CALL THE WHITE HOUSE AND FL LEGISLATORS EVERY DAY UNTIL THIS LEGISLATION IS DROPPED.

http://www.whitehouse.gov/contact

http://www.myfloridahouse.gov/Sections/Representatives/representatives.aspx

http://www.flsenate.gov/legislators/

Pro Se Can You Plea

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 Advice from Britain

How to Purchase a Good Home in Florida

If you are taking into account a community with a home owners association figure out whether there are any particular deliverances being taken by the association. A lot of homeowner associations in Florida had hard losses from latest hurricane events and are still striving to return finances from their insurance policies. All homeowner representatives those neighborhoods are being requested to implement thousands of dollars paying in particular deliverance above and beyond the real charges. Ask latest financial statement from the homeowner association and request how many people are not present on their charges. With the growth of encumbrances, a lot of houses are being deserted without the owner association charges or particular deliverance being implemented. Those associations will be searching to the fresh inflow of people to make up the dissimilarity. Opt the negative neighborhood and the bad association and you’ will pay a lot more that the real level of owner association charges.

Houses in Florida with the pools can be very costly to get. Figure out how old the pools are and the last time it was renewed. Good pool chemicals and cleaning can run between fifty and one hundred and fifty dollars per month. If the house has a pulverizer system to water the lawns figure out if the water goes from well or if you will be utilizing city water to water the lawn. City water is very expensive and you’ll spend a lot of it so it is possible to keep your lawn green during a Florida dry weather. Consider spending twenty five dollars in electricity to water a lawn using well and hundred dollars a month to keep a lawn green if you have to utilize city water. Consequently, if your lawn is going to be cared utilizing well water figure out how deep the well is. Shallow well can stop the water that has very much iron in it. This type of water can provide stations on the sidewalk and house with a dross color. A lot of Florida house owners get the outside service from fifty to one hundred dollars per month considering the chemicals to their pulverizer systems to be certain that the watering system doesn’t provide stains.

A lot of Florida houses are also problems for concealed mould harm that occurs from leaky walls and roofs. When the reason of mould in a Florida house is removed repairing the house is the single method to avoid the mould problems. If you are purchasing a house on a golf course, figure out the monetary condition of the course. Florida is full f golf courses and several courses are working at entire capacity. Implementing your assiduousness is the only method to be certain that the dream house you purchase in Florida doesn’t appear to be a horrible life.

Property has always been one of the most wanted of selling and buying objects. It is possible not only to invest money into it but also to have them back if required. Going through bankruptcy? Then visit this site where you will get lots of info about real estate Florida and how to sell your property quickly.

And I would like to share some general tips. Search Google or other search engines for “bank owned properties in Florida“. Visit social networks and have a look on the accounts that are relevant to your topic. Go to the niche forums and participate in the discussion. Nowadays the online technologies provide us with a truly unique chance to choose what one needs for the best price on the market. All this will help you to create a true vision of this market. Thus, giving you a real opportunity to make a smart and nicely balanced decision.

And also we would recommend you to subscribe to the RSS feed on this blog as we will do our best to keep updating this blog with new publications on buying a property in Florida and other relevant issues.

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Budget Your Money, Stop Renting, Purchase A Condominium 

Wed, Mar 17, 2010

Low prices make this a great time to buy a condominium.

With condominium prices so low, especially in Arizona and Florida, it’s time to think about moving out of your apartment and buying a condo home. If you are trying to get some privacy, perhaps a house is a better choice. However, if a house is not yet within your budget, consider an affordable condo purchase.

Don’t expect a condo to have thicker walls than an apartment. Recent years have seen a number of apartments turned into condominiums.  Condo builders also build apartment complexes, so there isn’t much difference in their construction. However, in older sections of cities, unusual higher-end condos converted from old stone mansions or other historic buildings can be found.  

When considering a condominium purchase, make sure your real estate agent obtains the following information to help you make an informed decision:

• Determine if construction is up-to-par in newer-built complexes. Sub-par building can be dangerous.
• Research the development company to see if they have filed bankruptcy. If the developers are not stable, consider buying elsewhere.
• Make sure the insurance coverage is adequate, as inadequate coverage leaves your unit vulnerable and can be costly should disaster strike.
• Understand the CC&Rs and bylaws, which are the condo rules and regulations. Can you live with them? Are they enforced?
• Find out the percentage of rental units in the complex. Too many renters suggests a high neighbor turnover, less of a neighborhood feel to the complex, and decreased pride in maintaining personal areas and lower tolerance of rules.
• See if the complex is properly maintained. Are the amenities, such as pool, spa or exercise room in good condition?
• Ask if the homeowner’s association is financially sound. What are the monthly fees and is there any special assessment levied upon owners to cover periodic maintenance or legally required upgrades to common areas or amenities?

Although buying a condominium is less flexible than apartment living and requires a bit more home maintenance, it is cost-effective in the long run. Take advantage of today’s best mortgage prices for condos and, as an added incentive, get the new homebuyer tax credit, too. Plus, your mortgage points and interest are tax deductible.

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CALL Alert for March 17, 2010 – Legislature to Address Elevator Upgrade Requirements and other Retrofitting Requirements for Condominiums and Cooperatives

Community Association Leadership Lobby (CALL)

As the community association bills work their way through the legislative process, one of the issues that is being addressed involves elevator upgrades to existing elevators required by the Florida Building Code. Today, SB 1196 by Senators Fasano and Ring, was heard by the Military Affairs and Domestic Security Committee, and was approved favorably, by a vote of 7 Yeas, and 0 Nays. One of the changes to SB 1196 approved by the Committee involves the issue of elevator upgrades. A provision was added to SB 1196 amending Section 399.02(8), Florida Statutes to provide that updates to the building code requiring modifications for Phase II Firefighters’ Service on existing elevators, as amended into the Safety Code for Existing Elevators and Escalators, ASME A17.1 and A17.3, may not be enforced on elevators in condominiums or cooperatives issued a certificate of occupancy by the local building authority as of July 1, 2008, for 5 years or until the elevator is replaced or requires major modification, whichever occurs first. This exception does not apply to a building for which a certificate of occupancy was issued after July 1, 2008. This exception would not prevent an elevator owner from requesting a variance for the applicable code before or after the expiration of the five year term, and also does not prohibit the Division from granting variances to the upgrade requirements. 

 In addition, the Committee approved additional changes to SB 1196 to address fire alarm systems and fire sprinklers as follows:

 Amends Section 633.0215, involving the Florida Fire Prevention Code, to state that a condominium, cooperative, or multi-family residential building that is less than four stories in height and has a corridor providing an exterior means of egress is exempt from the requirement to install a manual fire alarm system under Section 9.6 of the Life Safety Code adopted in the Florida Fire Prevention Code. 

 Amends Section 718.112(2)(l) and 719.1055(5) to provide that high-rise buildings may opt out of the requirement for fire sprinklers in both the units and the common area, by 2019. This is a significant change in that the current law allows high-rise associations to opt out of the requirement for fire sprinklers in the units by 2014, but does not allow high-rise buildings to opt-out in the common areas. The proposed change will allow associations to opt out of fire-sprinkler in both the units and the common areas, and the time for opting out or complying with the requirements is extended to 2019. The new version of SB 1196 also provides that if there has been a previous vote to forego retrofitting, the owners may vote to require retrofitting at a special meeting of the unit owners called by a petition of at least ten percent of the voting interests. In other words, this would allow the association to “opt back in” to the requirements for a fire sprinkler system. Such vote may be called once every three years. 

We are pleased that the Legislature has acknowledged the burden that all of these retrofitting regulations have had on condominium and cooperative associations that are struggling to pay for the required modifications, while at the same time struggling to collect assessments. Similar language is included in HB 561, sponsored by Representative Bogdanoff, and it is expected that HB 561 and SB 1196 will be the community association bills most likely to pass this session.

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Charitable Success: Planning an effective fundraising campaign

 Connecting with client associations, creating links to the outside community and fostering a vibrant workplace environment should be at the top of any management company’s to-do list. Focusing on charitable giving and outreach helps management companies accomplish these goals.   Read more »  (PDF)

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FL: Court sides with homeowner in dispute over pickup

The violation turned into a lawsuit in 2006. A year later, a Hillsborough circuit court ruled in Vizzi's favor. In 2009, the homeowners association appealed. On Wednesday, the Second District Court of Appeal upheld the lower court's ruling...2D09-1954 Eagles Master Association, Inc.v.Arthur D. Vizzi & Doree D. Vizzi

http://www.floridalawyer.com/news/news-homeowners-dispute.pdf

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Living in Los Cabos: The Curb of Shame

Posted by Carol Billups

Now stay with me on this, it might seem a very narrow topic but there’s a message here that’s pretty universal. A neighbor emailed me asking why our homeowner’s association was painting the curb in front of some houses bright purple. Those are the ‘curbs of shame’ and indicate that the owner of that house hasn’t paid their home owner’s association dues in over two years.

 No doubt about it, the economy has taken its toll on Los Cabos. And the rising collectibles of just about every HOA is just a small part of that toll. The associations are desperate to collect some of that debt and are using a variety of means to try to force payment. Purple curbs are just one tactic, others include refusing to deliver mail or taking out ads in the local papers naming the debtors.

 In the case of Pedregal, these debtors are not victims of the economy; to get your curb painted the bill must predate the economic crisis. Those people who are having temporary problems, for the most part, have already contacted the homeowners association and made arrangements for partial payments to keep their account current and maintain their status as members in good standing. No, the people with the purple curbs just don’t want to pay. A good example is Casa X, which rents for up to $2,125 per night. It’s rented right now, as a matter of fact. If the owner had any intention of paying up, this week’s rental would have cleared their account.

 Now here’s the moral of the story: by not paying your HOA dues you are only hurting yourself. As realtors we’re always having to reassure first time Mexico buyers that ‘they can’t take away your house, they can’t do anything to you they don’t do to Mexican citizens’. And that’s the truth. But there’s a flip side to that: ‘they’ CAN do to you anything ‘they’ CAN do to a Mexican citizen. Painting your curb or putting your name in the paper is nothing to suing you for non-payment of a debt. Yes, it takes years. And yes, it costs money. But your homeowner’s association can take you to court and force you to sell your home so that they can collect your debt. Regardless of nationality the owner of a property is responsible for it and the debts associated with it.

 Obviously a court-ordered sale is a pretty dramatic step and one we don’t see very often (although I’m thinking we’re going to see more of it in the coming months). Many HOAs are content just to wait it out until the owner of the delinquent property decides to sell. In order to transfer title the Notario Publico will need proof that there are no debts, including homeowner’s dues. As a rule the dues and fines owed are paid directly from the escrow account as a condition of sale. It’s very important for the buyer to make certain this has been done: in Mexico the debt stays with the property. If you buy a property which is in arrears with the homeowner’s association you become legally responsible for the debt, no matter that someone else accrued them!

 That’s about as far as I got yesterday; a pleasant event (an offer on one of my listings) took priority away from finishing and posting this to my blogs. That’s a good thing for several reasons. When I passed the house mentioned above Monday morning the curb was a bold, scolding purple. This morning it was back to the normal terracotta-ish color. I later heard the owner had come to the homeowners and paid up all the back dues in full. And the HOA wasted no time in removing the accusatory purple curb. So there may be something to this purple curb thing after all.

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http://www.naplesnews.com/ 

 Spring breaks are right around the corner and with them will come family members and guests of owners. They will arrive to have a “good time” vacation in our precious little corner of the world. Only problem, though, is that some of these visitors’ idea of a good time is much different than many owners.

 When some such visits get out of hand, there can be a lot of resulting damage to the social room, hallways, elevators or pool area. Much of the time, the damage is caused late at night when no one else is around. The expensive property damage is discovered the next day by an owner or management personnel with no one to look to collect the cost of repair.

 Although some owners may think they know who the visitors were that trashed the place, there is no hard evidence to prove that the suspected people were the actual culprits, so collection can be difficult, if not impossible. As a result, all the owners will have to share in the costs of repairs caused by an inconsiderate few.

 There is a way to obtain indisputable hard evidence. It’s the eye in the sky or the fly on the wall consisting of high-tech surveillance cameras. These cameras and taping systems have come way down in price and therefore, for many associations, they are well-worth installing in order to protect the common area or common element social and recreational facilities of a condominium or neighborhood.

 In installing such systems, associations need to make sure they have obtained the proper material alteration approval of the membership if required. In operating the systems, any person’s right to privacy needs to be respected.

 For example, you don’t want to install cameras in bathroom stalls or showers, where people have a reasonable expectation of privacy. However, people do not have a legal expectation of privacy in most other common areas of the building or grounds.

Some associations may want to post signs letting people know there are cameras to deter bad behavior before it happens, while others may want to have the cameras hidden to catch a problem multiple offender red-handed.

 Most associations will also have guidelines and procedures as to who can review the tapes and for what reasons. Usually no one will review the tapes unless a problem arises. Many of the tapes are on a loop so that new video overwrite old taping so that video that does not need reviewing is automatically erased over time.

Just like counties that are catching the right turn on red-light runners “red handed” with the traffic cameras recently installed, the same goes for private association common area surveillance cameras. All you have to do is show the owner of the unit the video of their visitor guests’ bad behavior and resultant damage, and a check is quickly cut to the association to make the repairs as the owners are legally responsible for the actions of their guests on the property.

 Surveillance cameras are becoming more prevalent everywhere. They are now in many malls, stores, restaurants, streets, waterfronts and public recreation facilities. Most people would probably be amazed if they actually knew how many times a day they are being filmed when innocently carrying out their everyday chores.

 It looks like a form of “Big Brother” video recording of our actions is here to stay. We can only hope that the recordings will just be used for good purposes. So what’s the harm in another camera added to the mix (with privacy safeguards) to help prevent good owners from having to dig into their pockets to cover the damage of others.

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 The Blame Game - Let's Blame the Property Management Company!

 There is nothing worse in the management business than to negotiate, in good faith, a management contract with a new association, only to have them not do what they had agreed to and blame the management company for their failures! It is very difficult to properly manage a community association when your staff is not provided the support, cooperation and especially the time required to do a good job from the association. It is very disheartening to then, in the end, blame the management company for the association’s issues, problems and shortcomings. 

 How can a management company succeed when there is little or no direction or communication from the President, no support from the other Board members and the association’s staff members do not want to cooperate with the management company? How and why does this happen? From management’s perspective, this type of situation comes from the top and is either allowed or fostered by the President of the Board. It is just easier to blame the management company.

 At the time that management is negotiating an agreement, the new prospective client is bad-mouthing the soon to be former management company. Right there, that should be a “Tip Off” on how you will ultimately be treated by this association. As an employer, if I interview someone for a position in my company and they “bad mouth” their former employer during the interview, I don’t hire them, as I know that they are trouble and they will end up bad-mouthing me, too! So why is it any different with a prospective new association client? It isn’t; and I should know better after all of these years. I know in the end that the management company will be blamed for the inherent dysfunction and failures of the Board.

Through all of this, you know that the management contract will soon end but the staff keeps trying and you keep hoping that the Board will see it your way (the right way) and that things will change. Of course, things do not change, the Board of Directors still does not cooperate, their staff is no help and now they go running to the Board for every little issue and even more frequently! It is a downhill slide that accelerates and you try even harder to please them. It still does not work. 

 Though there is little consolation in this situation, there is some comfort to know, that when you check, the association’s other professionals are also having the same problems and issues with that client that you are experiencing! Then you know you are not alone. The fact that others are having problems also is a confirmation that what you have been doing successfully for 35 plus years is still the way to go, that you cannot do any more than what you have done and that it is not your company that is the problem, but them! 

 Finally, the letter arrives cancelling the contract, and of course, blaming the management company! Though it hurts professionally, you and the staff are relieved that the nightmare situation and dysfunction will soon be over. It is very easy for a Board of Directors to blame the management company in order to take the focus off their own shortcomings. 

 To ensure a better relationship between an association and the management company, I urge all Boards of Directors who hire a management company do so with open minds, eyes and ears wide and prepare to cooperate fully with the new management company’s policies and staff. Be willing to listen and work with the management company for compromise, not be so quick to blame them – after all, they truly have your association’s welfare and benefit as their number one priority. 

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This is an interesting new twist:

Whirlpool Corporation Becomes Appliance Provider for New Associa Program

BENTON HARBOR, Mich., March 17 /PRNewswire/ -- Whirlpool Corporation recently teamed up with Associa, the leader in community association management, to provide appliances through the new Associa Advantage program.

"We developed the Associa Advantage program to benefit our homeowners and the associations we serve at a time when they need us most," said Mike Mallott, executive vice president of national procurement at Associa. "The goal of this program is to provide our homeowners and communities with significant savings on goods and services for their everyday needs."

Read more: http://www.earthtimes.org/articles/show/whirlpool-corporation-becomes-appliance-provider-for-new-associa-program,1209928.shtml#ixzz0iUaZ7wBY 

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This is for information only and not an endorsement or recommendation. You must contact your own counsel as to how it may be applicable for your association.

 Eliminate your Communities need for Flood Insurance 

Dear Board Member,

 I am contacting you today to advise you of a new opportunity we have had much success with recently that can eliminate your communities need for Flood Insurance. Here is a brief background:

 In 1968 Congress passed the National Flood Insurance Act which created the National Flood Insurance Program (NFIP). This was designed to reduce future losses to properties due to flooding from rising waters. One of the requirements to enter into the NFIP is that your property must have a 1% or greater chance of flooding due to rising water. In 1973 Congress passed an Act which required federal agencies and regulated lenders to require Flood Insurance on all grants and loans for properties located within the Special Flood Hazard Areas (SFHA). Furthermore, in 1994 Congress passed an addendum to the original Act which allows for properties that meet or exceed the mandatory requirements be removed from the mandatory SFHA and not be required to maintain Flood Insurance.

 Below are some Frequently Asked Questions (FAQ) about this program:

If we can get removed from the requirement, then what's the point of having Flood Insurance?

In Florida nearly $2 million flood insurance policies are written every year and only about .03% ever get any claims approved. This translates into you paying for others losses every year and you can be almost certain that any Flood Insurance claims you make will get denied.

Why hasn't our Association Insurance Agent told us about this?

Because they simply do not know it exists, or because they might lose out on annual commissions.

What about the Mortgage Companies that require proof of insurance?

Don't you hate having to submit proof of flood insurance to your mortgage lender every year? We sure do... But this program can stop that forever.

We believe that many communities may qualify to be removed from the National Flood Insurance Program (NFIP) and eliminate all future Flood Insurance premiums, forever.

 Four Points Property Management, Inc. has began working closely with Susan and Joyce at Flood Insurance Revisions, Inc., , ;a local company who specializes in removing Community Associations from the Flood Zone requirements. They work together with our office and your Property Manager to ensure that the necessary inspections and forms are completed and submitted to FEMA, the NFIP, and the Federal Emergency Management Agency within the time requirements they have set. Their job is to have your association permanently removed from the flood zones, saving your community thousands of dollars in annual insurance premiums (and hundreds of thousands through the life of the property), as well as making sure that any lenders never ask your unit owners for proof of insurance again.

 Additionally, and most importantly, this is done at basically no cost to your community association. Flood Insurance Revisions, Inc. typically charges between 50% to 75% of the flood insurance savings for the first year. There is no upfront fees or long term agreement.

 Please contact me for additional information, or if you'd like to begin this process immediately, unfortunately, we cannot begin this process automatically without the Board Members consent. Also, let me know if you'd like to schedule a presentation with Susan and Joyce.

Marc Rodriguez, CAM
President
Four Points Property Management, Inc. 

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 Tips on Buying Reos: Bank Owned Post Foreclosures 

Homes that are acquired by a bank from foreclosure are called REOs: real estate owned. These are properties that have gone back to the mortgage company in the aftermath of an unsuccessful foreclosure auction. You might ask, “Why would an auction on an already deemed to be foreclosed home be unsuccessful?” Well, they almost always are. And the reason is that the minimum bid on such properties would have to cover the costs of all that is currently owed to the bank/lender, and this includes: the loan balance, accrued interest, any attorney fees and every cost associated with the foreclosure process.As you might imagine, what is owed to the bank is almost always more than the value of the property. At the point of an unsuccessful auction, where the minimum bid is not met, the property reverts to the bank as an REO.

Now that the bank owns the property, the former mortgage no longer exists and bank will sometimes even handle repairs, evictions, negotiations with the IRS for removal of tax liens and the payment of any homeowner association dues. Take note that many banks are moving away from paying typical closing costs. Some fees such as transfer taxes, county and state fees, are the responsibility of the buyer and not the bank.

There is some strategy to understand when purchasing an REO. The banks/lenders are still all about securing profitable situations and have no interest in quickly dumping off their inventory for a dime- or two. Rest assured, there will be some bargaining involved if you wish to secure a desirable price. Once you make an offer, they will usually present a counter-offer, which may be at a higher price than you expected. Remember it’s in their interest to demonstrate to shareholders, investors and auditors that they most certainly attempted to get the highest price possible. In other words, be prepared to counter, their counter-offer, as this is all part of the game.

Don’t expect that the deal will be as quick to come off, as in other real estate transactions. Your offer or counter-offer will probably have to be reviewed and approved by several individuals and companies. For example, you might receive a preliminary approval subject to corporate approval. Again, this is just one of the differences that exist with REO transactions.

Lenders may often want to sell the property in “as is” condition, so you want to be sure to clarify your subjects in terms of inspections and repairs. Don’t bank on the bank! They may refuse approval of repairs, and so consider this when you evaluate what your bottom line offering price will be. Likewise, if after inspections you find that the repairs are significant, you can try to renegotiate. Sometimes at this further point into a transaction the lender may opt to lower the price as opposed to the hassle and cost of putting the property back on the market.

If the bank won’t budge and you receive an offer rejection, consider waiting another 30 days and then resubmit your original offer, with the original date crossed off and your new date inserted. If they haven’t sold in a month, they may well re-consider your offer.

Before making an official offer have your agent contact the listing agent and ask the following:

- Are there any existing inspection reports that you can look over?

- Is there an “as is” form?

- How long does the bank take to accept an offer? That is, up front, how many lines of approval will an offer have to go through and how long is this process typically?

- How will offers be exchanged/delivered?

Keep in mind that as you are dealing with a bank, nothing will happen on evenings and weekends. Most usually offers are faxed to the bank and there is no face to face presentation to the bank. Given this, you can help your offer along by providing the listing agent with pre-qualification on your mortgage or a pre-approval letter. Have the right ammunition to have your offer accepted.

REO homes are often considered the best way to purchase a distressed property as the seller is out of the picture. It’s just the investor, the investor’s agent, the bank and the bank’s agent who are negotiating the transaction.