Lender Paying Seller To Manage House?
I have a friend whose daughter is under contract to purchase a short sale in Florida. So, he called me for advice (I am in NC).
To cut a long story short... the bank said that they have the right to negotiate directly with the Buyer and they are bypassing the Seller. Why? Because they said they have an agreement with the Seller in that they will pay the Seller to look after the house. I suppose, in exchange, the Seller agrees not to be involved in the negotiations.
I've never heard of this in NC. Has anyone heard of this elsewhere? Are Florida laws different?
I would see a contractural issue with this, since the Seller is the owner of the property and if nothing else, must be a party to a contract for real property.
And no... I have no idea where the agents are in this picture.
Insight?
Replies to This Discussion
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Permalink Reply by Liane Jamason on
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I'm in Florida and have never heard of this. Sounds fishy to me, are you sure this isn't some kind of option contract she's gotten involved with? The only contract is between the buyer and seller.
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Permalink Reply by Drew Ludlow on
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I don't have ALL the details because this info is third-hand. But, it sounded fishy to me and it sounded fishy to my friend as well.
At the very least, his daughter's agent (I don't think she has one!!) should ask the Seller's agent for a copy of whatever agreement the bank (BoA??) has with them.
Additionally, if it were BoA, the majority of their sales go thru Equator anyway, so there would be less of a chance for the bank to work directly with the Buyer.
Something is missing here. Glad to know I wasn't the only one.
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