Legal Question in Real Estate Law in California

Hi. My house is going through a short sale. The realtor is telling me that the mortgage ins. co. wants 5000.00 dollars from me to close the deal. I said I wouldn't do that and they said that I would give a check at the close of escrow, but they would take 2500.00 from their commission and 2500.00 from the buyer and give it back to me at the close. They said it had to look as though the check came from me but I would get it back through them. Does this sound on the up and up to you?

Thanks,

Brandon


Asked on 5/08/11, 9:59 am

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

If you put the search terms "short sale" and "mortgage insurance" into a Google search, you'll get answers that explain the problem. The buyer and the realtor here seem to have come up with a creative solution to save the deal from your unwillingness to pay. Ask them to put it in writing. Who is getting cheated here? Maybe the lender, because it looks as though maybe there was some extra money here that could have gon into the selling price.

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Answered on 5/08/11, 10:31 am


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