MidnightSwinga said:We then signed a second seperate ammendment ... Do you think I'm bound to that second ammendement?

Sounds like a straightforward legal question. What does your attorney say?

unknownshopper said:MidnightSwinga said:We then signed a second seperate ammendment ... Do you think I'm bound to that second ammendement?

Sounds like a straightforward legal question. What does your attorney say?

That'll be my question to him on Monday. I don't have a problem cutting the check, but from my limited research it looks like your not suppossed to do that in my State.

MidnightSwinga said:unknownshopper said:MidnightSwinga said:We then signed a second seperate ammendment ... Do you think I'm bound to that second ammendement?

Sounds like a straightforward legal question. What does your attorney say?

That'll be my question to him on Monday. I don't have a problem cutting the check, but from my limited research it looks like your not suppossed to do that in my State.I call BS - You accepted a purchase agreement with $100, you agreed to dual agency, you are making every mistake in the book. You DONT have an atty (or one so incompetent, they should be shot). In reality, you are using this forum for free legal advice. Guess what, you are getting exactly what you are paying for. Its so funny everytime someone posts a legal question, its "oh its the weekend and I need an answer now, cant ask the atty". Just be honest and admit you are doing this yourself.

didYOUsearch said:MidnightSwinga said:unknownshopper said:MidnightSwinga said:We then signed a second seperate ammendment ... Do you think I'm bound to that second ammendement?

Sounds like a straightforward legal question. What does your attorney say?

That'll be my question to him on Monday. I don't have a problem cutting the check, but from my limited research it looks like your not suppossed to do that in my State.I call BS -

Trust me, I've been around here long enough to know that this is not the place to get legal advice. I was at first looking for similar experiences and thought I'd share the latest developments. If in fact this deal goes through (and I have no more faith then you do that it will) obviously the buyers have zero funds to their name so if in fact we didn't cut them the check after close for the difference they'd have a tough time collecting.

You'd be lucky to get $100. In my state, statutory forfeiture is 5% of earnest money.

MidnightSwinga said:Well it's gotten a little more interesting...app
apparently the relator is saying the buyers are back on board and are proceeding with the purchase. However, he came back with a revised amendement to the purchase agreement that actually RAISES the purchase price by $3,000. We then signed a second seperate ammendment that states we will then turn around and cut the buyers a check after close for $3,000.

Apparently the issue was the buyer needed the little savings he does have for something after he closses and the bank is requiring that he keep has his savings.

Any issues to this? It seems like they are going to try and get this past the finance company by not including that second ammendement. Do you think I'm bound to that second ammendement? I could just say we agreed to an increased price. I think the Relator is going to be on the hook for the money to the buyer.


Your Realtor is not on the hook, you are. Your escrow company should write him the check so it shouldn't be a big deal. Sounds like your Realtor is doing his job and trying to make this deal work.


Tom

BudmanTom said:Lol, how did you know?

Tom

I was having lunch with your parole officer last week and he happened to mention it.

whodini said:I once made an offer for a house without putting any earnest money down. I told the realtor I would pay up after the offer had been accepted (not written in offer contract). The seller rejected my offer due to price, and I did not counter. Supposing the seller had accepted my offer, there was no earnest money for him to collect had I walked away.

This realtor was the listing agent, by the way.

The contract would not have been binding until you paid up. I.e. when he came back with a signed offer you would have xx hours to cough it up or the contract would be void.

I currently sell new construction homes for 4 different builders in my area. They all require earnest money checks be written to the SELLER, not to escrow. The amount of escrow varies from $5000 to 10% depending on the builder.

You'd have to be high to write a check to the seller instead of escrow. Sounds like a builder that's on the verge of bankruptcy. When they shut down the development they keep a couple million in earnest money.

johnmagee4 said:Seller's credits to buyers are common. Hiding them from the P&S is probably not! Since you just "raised the price" by $3k, your realtor will probably also take their 5-6% extra out of that alsobingo. realtor just made another $150 by rewording the P&S.