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.Sherrilee,
Thanks for the reply. I have my doubts about my agent but then again i am a pisser to work with. I have asked about realtor contribution to the buyer but it doesn't come close to the $5000. Now that the shortsale is approved for $55,000 he wants to only pay $50,000. I guess we could put in an addendum and chage the contract price to $50,000 and have the $5,000 cash contribution come from me?????
My realtor called me 1 week after the buyer walked saying he will close the deal for $5,000. I should have told him i wanted out of my exclusive listing agreement at that point. We decided to try and offer him 3,000 and he wouldn't go for it. So finally i told the realtor to go ahead and give him the 5. The Realtor proceeded to right up an addendum to the original contract to change the purchase price to $50,000 but i told him no because the bank will never approve it and i didn't want the bank to know about it. After a lot of prayer and not having peace about it i am having second thoughts. This is were i need to do this so it's legit. Today i told them both that i am not doing the deal unless its on the HUD. I am open to some suggestions but i think it's pretty clear cut that any transactions outside the HUD like you said are off limits. We will already have a deficency with this short sale since BOA rarely gives releases. I am willing to take my chance with that but not a side deal.
I'm sure you have a good agent, but when reading this I'm left wondering where is your agent in all of this? I'm surprised an agent would even consider anything to do with the HUD that is not on the up and up. It's not legal if it's not on the HUD. Agents can lose their license and livelihoods over issues like this . . . its called fraud.
I'm surprised that everyone is only giving you the thinking straight along the way of the HUD. You may buy personal items or sell them and that has NOTHING to do with the sale of the house, ergo, does not belong on the HUD. Sellers have sold furniture to buyers to get needed cash. That is not a house, that legally has nothing to do with the house and no bank has the right to tell you that you cannot buy or sell your personal belongs - in the U.S. So, if the buyer has $5K of something that you want, you can escrow that outside of the closing and it is all legit and totally accepted practice despite what some people are suggesting.
On the other hand, I don't like people like your buyer - just like dealing with more 2nd lien holders - dirty tricks. But, if people were put in jail for being unethical, immoral and not nice, well, I know where I'd be visiting an awful lot of BofA people... Oh, and Fannie Mae people... .
If your buyer could legitimately do whatever it was he did, then you don't have real recourse. In NJ, the realtors are forced to use a pinhead 3 day rule imposed by lawyers that anyone can get out of the contract IF they EMPLOY a lawyer to get them out within that 3 days. On top of that, if the contract is written by a lawyer instead of one used by a realtor, there is no 3 day rule. Let me see, which one do I really need 3 days to determine if I'm being screwed, the standard one from teh realtor or the ad hoc one thrown together by some sweet lawyer..hmmmm.. Nice law. Anyway, buyers would use that to shop for better deals in those three days (when things were going hot and heavy) then have their lawyer so "NO" (they don't need a reason) to get out of the contract while you are stuck thinking you have a buyer. Moral? No. Ethical? No. Legal. Well, of course..
Joe, Selling/purchasing personal property is fine as long as it is a legit purchase. Just writing up a bill of sale and purchasing something at an inflated price to pass money from one party to another outside of closing is fraud. Of course in this case it would be a distressed seller trying to come up with $5,000 cash to buy something from the buyer. It's extortion. Sounds to me like this particular buyer is just wasting everybody's time.
joe beauchamp said:I'm surprised that everyone is only giving you the thinking straight along the way of the HUD. You may buy personal items or sell them and that has NOTHING to do with the sale of the house, ergo, does not belong on the HUD. Sellers have sold furniture to buyers to get needed cash. That is not a house, that legally has nothing to do with the house and no bank has the right to tell you that you cannot buy or sell your personal belongs - in the U.S. So, if the buyer has $5K of something that you want, you can escrow that outside of the closing and it is all legit and totally accepted practice despite what some people are suggesting.
On the other hand, I don't like people like your buyer - just like dealing with more 2nd lien holders - dirty tricks. But, if people were put in jail for being unethical, immoral and not nice, well, I know where I'd be visiting an awful lot of BofA people... Oh, and Fannie Mae people... .
If your buyer could legitimately do whatever it was he did, then you don't have real recourse. In NJ, the realtors are forced to use a pinhead 3 day rule imposed by lawyers that anyone can get out of the contract IF they EMPLOY a lawyer to get them out within that 3 days. On top of that, if the contract is written by a lawyer instead of one used by a realtor, there is no 3 day rule. Let me see, which one do I really need 3 days to determine if I'm being screwed, the standard one from teh realtor or the ad hoc one thrown together by some sweet lawyer..hmmmm.. Nice law. Anyway, buyers would use that to shop for better deals in those three days (when things were going hot and heavy) then have their lawyer so "NO" (they don't need a reason) to get out of the contract while you are stuck thinking you have a buyer. Moral? No. Ethical? No. Legal. Well, of course..
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