We verbally agreed that he would pay closing costs from his $153K asking price and to get some money back I would borrow $17K above asking price and he would give me the $17 K difference after closing! He has since closing refused to talk to me or give me any money!!!! The agreement between us was verbal and is nowhere in writing, even though I have a witness to the verbal agreement between us! Do I have legal recourse for the $17K?
2006-12-09 08:08:53 · 10 answers · asked by jeffdachef 1 in Business & Finance ➔ Renting & Real Estate
Legally? Probably not since what you described would be illegal. While there's nothing wrong with getting cash back at closing, the fact that it's not disclosed is the problem. The lender usually has their own policies about how much the seller would be allowed to give back. If they don't know how much of the loan value was going back to you then they aren't able to make an informed decision.
The seller can't give you any money back outside of closings if you didn't disclose it to your lender on your HUD-1. I don't believe you can hold people to agreements if they aren't considered legal to begin with.
2006-12-09 09:19:50 · answer #1 · answered by Spencer B 2 · 1⤊ 0⤋
You have broken the law!
It is illegal to inflate the selling or purchase price of a house in order for the buyer to get a larger load than the real hidden selling price and get cash back (under the table) from the seller. Your transaction is illegal and therefore I’m not sure you have any legal recourse.
Let this be an expensive lessen, now you know what kind of brother you have.
Another lessen: Verbal contracts or agreements in real estate are not enforceable. Sorry for the bad news, but there is also some good news here.
2006-12-09 10:55:34 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Unfortunately you are facing an uphill battle. Unless it was written into the contract, then there is no money that he owes you. You bought the house as is (probably for $17K more than it was worth), and now it is up to you to prove in a court of law that there was a verbal agreement. Consult with a real estate attorney.
2006-12-09 08:55:26 · answer #3 · answered by Christopher B 6 · 0⤊ 0⤋
I'm no lawyer, but I do know that just because you don't have it in writing, doesn't mean a contract did not exist. There only has to be consideration on both sides -- i.e. you both give something and both get something. If you delivered on the deal (he is in possession of your $17K) and he did not compensate you in the way he agreed, you DO have legal recourse.
2006-12-09 08:15:37 · answer #4 · answered by Ali D 2 · 0⤊ 0⤋
there is not lots you're able to do against the Realtor, until she did not satisfy the code of ethics (if she is a "actual Realtor" and not basically an agent) or if she did not satisfy the written settlement you had together with her. How properly did she marketplace the domicile on line and in MLS? The sale of your place may additionally remember on different issues like the nearby marketplace, on line merchandising, being keen to cooperate with shopper showings (the place clientele make an appt. by using their agent to verify it) and lifelike provides. i'm sorry which you acquire foreclosed on. Did you attempt to communicate your subject with the lender of your loan? many circumstances (complicated to have confidence) the lender does not prefer to pass by using foreclosures complaints; they might somewhat artwork out some association with the corporation. i might advise not trashing the domicile however. some human beings do this, yet i don't understand if it makes them experience any further helpful approximately the variety of terrible subject. terrific desires to you, wish issues get greater helpful.
2016-10-18 00:54:57 · answer #5 · answered by ? 4 · 0⤊ 0⤋
a verbal aggrement is binding, but hard to prove also i think if you signed a purchase contract for more than the asking price you will be out of luck because from a legal standpoint you aggred to pay that price, and that is in writting
2006-12-09 08:22:40 · answer #6 · answered by paula_5150 3 · 0⤊ 0⤋
The last two responses are correct. Your agreement to defraud a lender is illegal to begin with and therefore you cannot even enforce it even if it was in writing.
Regards
2006-12-09 16:43:35 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Did you sign any papers saying the land now fell to you if not then it is still on him but if you did get the land in your name your sunk. but a warning for next time family or not you ALWAYS get it in writing
2006-12-09 08:13:46 · answer #8 · answered by conundrum_dragon 7 · 0⤊ 0⤋
Is your brother a real estate agent?
2006-12-09 08:16:59 · answer #9 · answered by Anonymous · 0⤊ 0⤋
im not sure sry
2006-12-09 08:10:18 · answer #10 · answered by Anonymous · 0⤊ 0⤋