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Billy Bob briefly considered and then rejected a deal because of the “obvious” undesirable (to the borrower) terms embedded in the assumable mortgage on the property. That undesirable nature of the mortgage was a direct function of two options exchanged at closing between a prior buyer of the property and the existing mortgage holder. What are those two options? Be precise. (Answer?)

We have formed a society in our  college council where we provide e-resources to our subscribers related to exam material. I personally thought of including this question in it as well, because it is often tested in our exams. Please elaborate it.

Answers (6)

somit 09-05-2013
"The prior buyer got a modestly lower interest rate, in exchange for being locked out of prepaying the mortgage. (He gave the lender a PUT). But, he got an option to let a new buyer assume the mortgage, provided the new buyer passed a credit check with the mortgage holder. This was an older deal, from the early 2000’s. Source:http://in.docsity.com/en-docs/Appreciated_Property_-_Real_Estate_Investment_-_Solved_Exam_ "
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shamir_69 13-05-2013
Easily perceived or understood; clear, self-evident, or apparent  
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shareeka_555 13-05-2013
(1) whatever is rarely seen until someone expresses it. (2) that which is not seen lower than when it's well expressed. / (3) essentially the most difficult question to respond to.  
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amla 14-05-2013
A disorder of non-patentability during which an invention cannot get a valid patent just because a person with ordinary skill in that technology can readily deduce it from publicly published information (prior art).  
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adiaa 14-05-2013
The concept that the claims defining an invention within a patent application must involve an inventive step if, as compared to precisely what is already known (i.e. prior art), it would not be obvious to someone skilled inside the art.  
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devashish 15-05-2013
I think you'll weren't sleeping when we discussed this earlier, because I won't repeat it.
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