seller wants $3000 cash to close .. isnt this illegal?

okay we are now 2 weeks from closing but the problems continue.

Seller is expecting to receive $3000 moving money even though they did not qualify for the HAFA program.  They were emailed about this months ago by the negotiator (i was copied on it).  They are stating they will not close without it.

isnt it illegal for me (the buyer) or the broker to agree to give them cash to close the deal?

what say you???

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Permalink Reply by Ban KKiller on April 28, 2012 at 7:56am

Why shouldn't you operate like a big bank and just do what you please? Not a real answer but it seems to serve the banks.

Permalink Reply by Satar Naghshineh on April 28, 2012 at 4:02pm

Agents get frustrated at the banks because the banks do not understand the details of a real estate transaction and the banks get frustrated at us because we don't understand the details of a debt settlement.

I personally sit back and watch the discussions in amusement.

Permalink Reply by obed montez on April 28, 2012 at 3:57pm

I Just do not understand how so many people are making judgement on a one side view of a problem. The other side has not  explain their view. what is up with that, where is the ethics of this thread.    

Permalink Reply by Satar Naghshineh on April 28, 2012 at 4:14pm

There is no such thing as ethics in a short sale. As I tell people, short sales are inherently evil.

1. Fractional banking allows banks to make money off of the people without having the money in place.

2. Our government and the Federal Reserve bail out and assist the banks as designed.

3. The homeowner signs a promissory note to pay a loan and they are negating on that promise.

4. The banks make a financial decision on behalf of themselves and/or their investors as to the action they will take on the homeowner.

5. The banks try to control and dictate to us (the agents and homeowners) as to how to conduct a real estate transaction.

Somewhere in this mess, we try to walk a fine line to get our job done and help our clients with the human aspect of the short sale. To top it off, the inexperienced and clueless agents harp on the word "Fraud" when they have no idea how to walk across the tightrope. Fraud is the monetary policy we have in place that allows main street to suffer while wall street prospers. Just my 2 cents!

Permalink Reply by arod on April 28, 2012 at 7:03pm

well said satar! you just made sense of the senseless.

You should make that summary a Short Sale Manifesto !  i can see it being distributed at short sale training classes around the country.  hey, maybe short sale superstars wants to do a webinar on it ? haha :)

Permalink Reply by Mega-Pros on January 27, 2013 at 6:43am

Nice and neatly put, Satar!

Permalink Reply by TOP END Properties on August 12, 2012 at 5:58pm

Everything MUST be on the HUD and approved by the lender(s).  Any 'side' deals are illegal.. that often includes paying off 2nd mortgages under-the-table.

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