house payment already made now real estate agent says there is a mistake and we need 2 pay more money?
Okay so my mom bought a house in las vegas a while ago she signed the final papers that you have to sign 2 DAYS ago and we payed already so we are supposed to get the keys tomorrow but the real estate person that has been "helping" us look for the house now says that there is a mistake and we need to pay 2500 dollars more after we already signed the supposedly last papers.Is this possible wasn’t it her fault or the companies fault? why should we pay the money?and r we getting ripped off or something?i mean what are the chances of an error happening what should i do? THANKS IN ADVANCE
4 Responses
L
09 Feb 2010
kemperk
09 Feb 2010
in RE, there are 3 types of AGENCY and this is important;
listing agent who only reps sellers, dual agent who TRIES to rep both
and may NOT rep buyers as a negotiator, and BUYER"S agent.
I am 98% sure you were not represented by a buyer’s agent.
CALL the REAL estate office………and get a copy of the
agency agreement.
Pay nothing more to anyone.
when a home purchase is being financed, the transaction
goes through [in most states] an ESCROW/TITLE company.
Escrow is a process and within it, the escrow officer
compares the purchase contract with things the seller
provides and the buyer provides.
Thus, an escrow officer can tell you if something is
missing.
IF your home purchase has not been taking place at
an ESCROW office, stop everything and make sure
it is TAKEN TO ONE.
Get back to me for further help.
Usually, if some odd fee is found not paid, the escrow officer
will call the buyer–or seller.
I do not like the way this is being done.
AND it is possible that this is a "land contract" where
no escrow process is taking place IF the seller is not being
paid off and your MOM is not seeking a loan.
if that is the case, this is not a house sale YET but instead,
just you and your mom occupying a house as tenants
UNTIL a loan is procured and the seller paid off.
but I need to see documents to know what is going on.
mark
09 Feb 2010
If she signed the papers at closing , and paid the amount shown , then she may not be liable for errors, the agent who prepared the papers might have to accept the loss.
Ask for a detailed explanation , then call the state real estate board and ask them , or a lawyer who deals in real estate. If its a simple arithmatic mistake then you could fight it, or simply accept that thats what you should have paid.
Depending on the value of the property I would argue that whoever made the mistake is going to have to accept the loss.
You need proper legal advice .
Patty D
09 Feb 2010
What does your mortgage person say? You need to see the final HUD-1 or Settlement Statement to see what fees changed. Do not give any money until your loan officer at the mortgage company has a chance to review it and advise you.
I would think once you sign and CLOSE on the property, all is said and done. I would ask more questions as to who, what, where, why and when this additional payment came to light. Don’t pay it until you get all the answers you need.