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???
Replies to This Discussion
-
Permalink Reply by Satar Naghshineh on
-
Hi Debra,
I never stated that buyer rebates need not show on a HUD. They do, on the buyer's side.
Once a buyer gets a rebate, that buyer can do whatever they want with their money. They can go to a movie, visit a garage sale or buy an overpriced item on E-bay.
In regards to broker payments to other brokers, it is done all the time and completely legal. On the last referral you paid, was it on the HUD or did you simply send a check to the brokerage that gave you the referral? Maybe this website (from an actual lawyer) will clear things up for you:
http://www.rothgerber.com/showarticle.aspx?Show=992
I appreciate your concern, but you lack the legal capacity to understand the situation and make a legal opinion about how I run my business.
-
Permalink Reply by Debra Savittieri on
-
Satar:
Your website above is referring to REFERRALs, not rebates, and is written from a Colorado Atty in 2008. I was not offering Legal advice, nor telling you how to run your Business.
You keep mentioning REBATES. That is different from a referral.
I was only suggesting that YOU become familiar with YOUR Calif Dept of Real Estate Statutes. and be carefull what you are writing on this site as most of your guidance's, suggestions and admissions ARE INDEED exposing YOU to possible violations. Trust me!
Peace.
Debra Savittieri
-
-
Thank you for your concern. The last I checked, 40 states allow rebates. All rebates must be on the HUD.
-
-
Arod,
Need more info as this sounds quite fishy and interesting.
What City & State is your short sale transaction happening in?
OK- so, you are saying this below, if I understand correctly.
Listing agent IS YOUR Reperesentative?
Buyers Realtor is the employing Designated BROKER? Dual Agency?Why would you be asking these questions on this site rather than going directly to the Designated Broker who would understand this transaction and has the complete responsibility to it's actions?
Sounds like (don't take this wrong) like you are afraid of something being brought out in the open.
If you really want resolution- Speak to the Designated Broker who is YOUR representative...OMG- I can't believe you've never spoke with her.
On most short sales BTW- the Banks do not pay a full 6% commission if ONE party is handeling both sides of the sale....and if the money is laundered thru a false representative (The Designated Broker) the Brokerage is in BIG trouble..
You'd be foolish NOT to march in the DB's office and call her Momma and ask for MILK- just the fact that she never spoke with you and YOU never spoke with her, is a nightmare in which I have to wonder about how much YOU (by lack of communication/actions with the Buyers representative) are actually into this ugly scene.
You can't get far without communications with YOUR REP dear and if yoru Rep is the DB- speak with her.
-
Permalink Reply by arod on
-
DEBRA: yes i would agree it does sound suspect. the closing is taking place in and around miami, fl.
Yes, the listing agent is ALSO my representative. However, on the P&S contract he listed himself as the listing agent set to receive 3% comm and his Broker of record as the buyer's agent (my supposed agent) receiving 3% comm.
I have NEVER spoken to his broker. I am not afraid of anything coming to light because it was disclosed to me how this would be handled and as far as i've read on these boards it is okay for an agent to list another agent in office to double-end the commission. the agent gave me full disclosure of this and so i had no problem with it. i did however, have a problem with him lying to me about the intended use of the $3k that i signed off on. after much back and forth he agreed to drop the bogus charge... but apparently he had promised it to the seller's b/c now they are very upset that they are not receiving it.
here's the thread on the ORIGINAL problem with my listing agent.
http://shortsalesuperstars.com/forum/topics/florida-shortsale-help-...
-
-
STOP! Enough said already. over 100 comments on this story is insane!
YOU are a Realtor/Buyer involved in some shadey stuff here- which points a finger at you as well dear Arod.
You give your commission away allowing the Listing Brokerage to obtain 6%-who YOU willingly allow to Represent YOU in a dual agency...and say you did it because YOU don't understand short sales. Umm- come on Arod....You don't have to understand short sales to be a buyer of one- you are not the one negotiating the sale...The Lister does. Had you asked for the 3% commission in the FIRST place to the lister (if you were an active Realtor) there would be no issue with receiving those funds.
There are missing pieces to this story here that you are not disclosing.
The Designated Broker is YOUR Rep in which YOU never spoke with in 8 months? (shake/cock head here) point finger at Arod. YOU were told by the Lister that the DB would now be YOUR Buyers Rep and YOU NEVER spoke with her once in 8 months. ( ghasp)
Seller was told by YOUR designated Realtor Seller would get a( kick back) compensated of $3K...for whatever -is still a kick back.
I personally do not think you are for real. (appology if I'm rude- but umm, come on Arod !)
If this is a fact that You have been represented as a BUYER by THE Designated Broker on this transaction, and what you have stated in all these responces to 100 posts are true. YOU ALL are in deep s%$t. You staying away from communication with YOUR own Rep- the DB states alot! The fact the the DB never communicated with you on HER transaction is ( caugh-choke) a huge violation of statutes.
I would do one of 2 things:
(1.) Walk into the DB's office and ask HER how she is going to get her ass out of hot water and make this close...... ( open purse baby and deal the cash out DB!) .or..
(2.) Cancel the deal and head straight to the Florida Dept of Real Estate to file numerous violations of statutes.
Hire a RE Lawyer to get compensated from the Brokerage who represented you so badly and ILLEGALLY!
One has to still wonder- 'what' you are hiding here by not speaking with the DB....in 8 months who is representing YOU.
-
-
I agree, 100 comments is a lot.
okay, so i appreciate the spanking and that you are still suspicious of my motives but you seem to be stuck on the fact that i have never spoken to the DB. why would i? the DB was never representing me. i hired the listing agent and he is the one that handled the whole transaction. The DB was listed in name only. I am not hiding anything. i'm being completely transparent on these boards so i can get legitimate advice. I absolutely do not understand shortsales so how can i represent myself? it would be self-defeating. besides i know short sales are time-intensive and i truly wanted to compensate the agent handling it. what's wrong with that?
I think your point is that it is wrong/illegal for me to have agreed to let an agent represent me that really wasnt?? Am i correct? You may want to peruse the many threads on this forum about agents double-ending their commission. they share a different opinion that you do. everything is not so black and white. remember the BROKERAGE gets paid not the agent.
-
-
Arod,
YES. I have read all the posts regarding this thread...especially yours.
In my (not so humble) opinion-You draw attention to warrant a reason to not qualify you as a 'victim' and more of perhaps a part of the problem- simply by you NOT speaking with the Designated Broker- who is and has been YOUR Rep for 8 full months.
Remember when you allow yourself to be represented by a Dual Agency (One Brokerage) you MUST understand that the Listing Broker and Listing Realtor are representing the Homeowner FIRST and foremost...you, the Buyer secondarily.
(1.) You are a Licensed Realtor. You know that all Listings belong to The Designated Broker...no matter what Realtor in the office is representing you- The DB is representing YOU...especially on this transaction whereas you mentioned the Lister actually put the DB's name as BUYERS Realtor.
You stated in your thread here, you are the BUYER and the Designated Broker is listed on the purchase contract as the Buyers representative. Right?
The DB is NEVER listed in name only as you mention above- that is ludicris! The DB is responsible for ALL contracts that are ran thru their Brokerage, and in regards to YOUR transaction here- Holy shit Batman.....the DB, as far as the info you supplied here on this thread, should be shot...or, held accountable for the actions or lack thereof of his Realtor- the Lister/Dual Rep in your transaction.
You don't have to know short sales to understand that. You were taught that in Real estate beginners class and again and again in all of your required CE classes that the Designated Broker owns the Listings and is responsible for Buyers who are represented by their Brokerage firm.
NO, I am not saying it was wrong or illegal for you to of accepted a Dual Representation. I am saying since YOU said you are a Licensed Realtor- YOU are semi responsible for the actions and outcome of this transaction-because you will be held to a higher accountability as a Realtor you know more than the general public Arod. The thing I find with you, to be at fault is- you are NOT confronting the Designated Broker,with your problems here- and the fact that YOU have never spoke with this Broker who is listed as the Buyers Rep- which brings your character and integrity in focus and which will certainly be evaluated in the outcome as negative and weird. One might summize there is more to the story here than is expressed by you on this thread...that's all. Pick up the phone and speak to the DB now and get what you want by pointing fingers at these characters (the DB and his croney Lister) and get OFF this thread. sheesh!
-
-
In respect for Bryant, you might want to create a new discussion cause I would love to debate this with you!
-
Permalink Reply by Bryant Tutas on
-
Ok boys and girls. I think this thread is dead. Arod's original question has been answered in all possible ways.
Arod i think it would make sense to take some of these ideas and run them by a competent attorney in your area. Laws vary from State to State and it's important that you get advice from someone local.
This conversation is heading south quickly so I must step in and..........
Yes...I have the power to Smite. No one else would give it to me so I created a network where I could be the almighty master of the network :) Then I went as far as creating my own Smite button!!! How cool is that? But being the nice guy that i am I wanted to step in and share my shiny button with you guys. Now don't make me go back for the big one :)
-
-
No rainbows and happy faces???
-
-
:D yes my question has been answered.
Bryant, thanks for all your help as well. as a consumer and a realtor i can tell you that boards like these where the exchange of ideas and solutions are shared are EXTREMELY HELPFUL and i appreciate you and the other founders for coming up with it :D
p.s. i did HIRE A FLORIDA ATTORNEY recently and she gave me the same advice as you... that i can purchase appliances from the seller and its perfectly legal.
are you sure you don't play an attorney in real life?
"No rainbows and happy faces???" -------> LOL @ satar.
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons