patrick.net
An Antidote to Corporate Media
1,363,773 comments by 15,737 users - Patrick, stereotomy online now
« First « Previous Comments 6 - 8 of 8 Search these comments
It is illegal to have any transaction costs for a RE transfer not be listed on the official closing document, titled a HUD-1. I'm not sure if it's mortgage fraud, but it's some kind of fraud.
It is legal for you to pay the agent $20-$25K out of your pocket, over the home price, but you must list it. Ask the agent if this payment would be on the HUD-1. If a transaction cost is not on the HUD-1, it is because somebody is trying to hide it from somebody else.
Sounds like a short sale and the seller is trying to recoupe some money.
FortWayne
2011 Jul 19, 1:18am
No realtor service is ever worth anything close to that. They are just a middle man in the transaction. All he does is present your offer, you can do that yourself.
Paying someone a bribe of 25,000 for doing absolutely nothing is stupid. You can pay me 25 grand I'll reduce the price for you the way a realtor would... I will simply offer 350 and pocket the 25. Not a bad profit for making one phone call.
Why are you spending so much money of a wooden box with a door? 350 is a lot to begin with.
« First « Previous Comments 6 - 8 of 8 Search these comments
I recently heard about a scenario where house asking price is $400K. But Real Estate agent told that he can get the house for $350K but ask to pay about $20-25K in cash (apart from the down payment and closing cost) that will not be covered by mortgage. Anyone know why they do like that. Is something like this can happen ?
#housing