Real Estate Guy
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Is the real estate agent the owner of the house???
You need to explain more. Take cash when?
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Murcielago
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I agree with Nijojo - sounds like there's something fishy going on!!
If the agent only wants cash, there is no way for you to prove that you made the payment, even if you signed a purchasing agreement. Those agreements can be very long and complex anyways, so it's easy to hide clauses that could hurt you in the short/long run since most people don't read them before signing. Your bank will also not give you $100,000 (or whatever amount your mortgage is) in cold hard cash to pay for a house!!
I recommend you walk away from this sale or if you really want this house, get a lawyer to take a look at the purchase agreement and check with the realtor's licensing body in your state to see what the status is of the agent you are dealing with. It may mean a little more expenses now, but could save you from something more disastrous later on. |
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Nijojo
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Shouldn't matter what the agent wants, it's about the seller and the seller is supposed to pay the agent, not you.
Anyway- once you're approved for a loan you're technically a "cash" buyer anyway, so I don't know why it matters to her where the money comes from. Some loans, like VA and FHA may require approval by the seller but most conventional loans don't have such limitations.
Sounds like either something fishy going on, or they simply don't want to sell to you. Not sure what the reasons are behind either one.
I would also find out the title company they work with and speak with an Escrow officer to see if they can't shed light on the subject. Also- make sure you have title insurance. The seller's bank filed foreclosure on our property AFTER it closed- title insurance saved us in that. Good to have. If you cannot get title insurance and they're not using Escrow- (can't imagine any realestate transaction NOT) walk away. That's not Kosher at all! |
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SJR
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I would be careful with a real estate agent who will only accept cash. Most reputable agents accept a check at closing for buying/selling services. Sounds like yours may be trying to dodge income taxes! |
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Worldly25
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Never mind the agent what does the owner want. |
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quizzard123
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The agent doesn't decide what form your payment is. Are you sure it's not just that the seller wants an unconditional (often called a 'cash') offer? They may not want any conditions on the offer, and that is their choice. |
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bud68
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The real estate agent does not sell. The owner sells. |
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Dale H
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An agent is legally bound to present all offers to the seller. If the seller rejects your offer due to a financing contingency, get a full credit approval and then write non-contingent and allow enough time to get the appraisal and title work done.
If they are saying that the home won't qualify for financing in the as is condition and the seller is unwilling to make repairs that is a slightly different issue. However, if you have a purchase/rehab loan approval, there is no reason why they should not view it the same as cash.
If the seller doesn't want to work with you, then find other property. Lord knows there is more than one house on the market and life is to short to deal with unreasonable people.
Good luck. |
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loanmasterone
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What does this real estate agent want cash for? This agent can not dictate to you how to pay and place money in escrow. If this person is requesting cash for certain items you should check with your escrow closing agent.
What ever you pay for should go through the escrow closing agent. If this agent tell you something different then you might consider going direct to the seller and leaving this person out of the transaction.
You might also check with the person's broker to find out if this is a normal practice for his/her agency.
I personally would not pay anyone cash for a real estate transaction, there are tax consequences involved and in order to prove that you paid these or any fees or points they normally must appear on the closing document.
If you pay this person cash for anything you can bet that chances are it will not appear on the closing documents.
If this is a requirement by the seller (the bank) then your contract should indicate you are applying for a mortgage loan and your offer is contingent upon qualifying and be approved for this mortgage loan.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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satarnag01
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Maybe there is something wrong with the house in which a conventional loan will not finance, such as a foundation issue??
It's legal. |
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quickremodel
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The money for the realtor, whether it come from you or the seller, should go into escrow in the form of a check. I would find a new agent if I were you, this one sounds slimy! |
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