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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 41537
Experience:  Texas Attorney for 30 years dealing in real estate
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I am selling a SFD in short sale in california. my broker

Customer Question

i am selling a SFD in short sale in california. my broker make the deal so that I get cash out for personal property as part of the sale. we are near closing and the escrow officer gave me final docs that have two estimated settlements, one for the bank that does not show the personnal property payment, and one for me that does show that payment. my question is what is the possibility that I could not be paid for this once escrow closes?
the original offer showed this item but for a different amount.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. Ray here to help you today.

The personal property sale should be separate here, lender should not see it or approve it.These funds should go to you , this is a separate sale of your possessions for cash.You need to contact the realtor and escrow agent and ask if there is a problem or not.

I do not see the lender having a claim to your personal property here.It should not be a problem, it just needs to be done separately.If you have too here have buyer write you a check and keep it out of the short sale.It could be confusing and at this stage you need to keep it simple here .If you have to totally separate it and do side deal with buyer then do so.But call here and see if there is a problem with the deal as it is being proposed.You want the one where you get paid here to be the closing documents. And you don't want the lender to see it.

I appreciate the chance to help you today.Thanks again.

Customer: replied 1 year ago.
thank you for your answer, but I am still just a little worried that even though I signed the estimated settlement showing payment to me with the excrow offiecer that they could close without paying me. Are they legally bound with this escrow settlement in order to close this sale or not?
Expert:  Ray replied 1 year ago.

if you signed it then there is that possibility.Again I would call them this is a legitimate concern here, you want to be paid and having two here carries the risk of the bad one being used and you not getting paid.It is worth calling and asking about this.I find it strange and it allows for an error to be made if they use the wrong ones.

Expert:  Ray replied 1 year ago.

If you can positive rate 5 stars it is much appreciated.Let me know if you have more follow up.If you signed two sets of document the one where you don't get paid could be used to not pay you, you want to call here and make sure they use the ones where you get paid.

Customer: replied 1 year ago.
you have not answered my question as to legality and responsibility of my agent for what he represented to me i would receive as proceeds of this sale. what are the legal ramifications if I am not paid as he represented?
Expert:  Ray replied 1 year ago.

You would have right to sue here for what you are owed .You can file complaint and suit against agent here if not paid.

Thanks again.

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