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Jbn951, Home Buyer in Woodridge West Comme...

Buying a house from probate and agent wants a check for $10k payable to the trust so the atty can get a court date...is that normal?

Asked by Jbn951, Woodridge West Commercial Park, Wilson, NC Mon Aug 29, 2011

I am buying a house that is scheduled to go to probate (not court approved yet) and the RE agent wants a check for $10K (payable to the living trust) so the attorney can get a court date. Why would they request this? I would be willing to leave a $100 deposit and if the deal gets accepted...I want to make the check payable to the escrow company or attorney handling the closing. If I make it out to the trust...who's to say I will ever see it again. Is this standard practice for probate?

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Answers

9
I agree, A third party should be handling the money. I'd walk away from this one unless they can agree to a licensed Escrow company to hold onto the funds.
0 votes Thank Flag Link Tue Feb 26, 2013
This is an unusual request and does not sound right. I would say escrow should handle it.

Best,
Yeprem P. Davoodian
0 votes Thank Flag Link Sun Nov 18, 2012
I agree with all the other posts! Something does not sound correct. Send it to an escrow!
0 votes Thank Flag Link Tue Aug 30, 2011
I can't think of a single reason to give money to anyone except title or escrow. I do all sorts of wacky deals and I never give a deposit to anyone except escrow or title. That being said, be careful if they use their own services. There are bad title and escrow companies out there.
0 votes Thank Flag Link Tue Aug 30, 2011
Wow this doesn't seem right, sounds like the trust doesn't have money and you might be paying for the process. I would talk to an attorney on your side first.

Diana 909-560-0145
Web Reference: http://www.dianam.com
0 votes Thank Flag Link Tue Aug 30, 2011
That's exactly what an ESCROW is all about. Definitely something afoul here. Proceed with extreme caution on this one. Are you using a reliable RE broker for this transaction? If not I wouldn't go any further until you get one.
0 votes Thank Flag Link Tue Aug 30, 2011
I agree with the below answers, either there is more to the story or something is VERY fishy here. I would never hand over money directly to a seller without a notarized contract stipulating what happens if the deal doesn't go to settlement, AND EVEN THEN I MIGHT NOT DO IT! Especially for 10K.

My guess is the seller needs the money to proceed and they are trying to use YOUR money for it. Not wise. If they want an escrow check you should have a contract and the money should go to a reputable (of your choosing) escrow company with stipulations of where the money goes if the deal falls through.

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0 votes Thank Flag Link Tue Aug 30, 2011
If I were you I would give money after contract. Your lawyer will create an escrow account for you. Thank you
0 votes Thank Flag Link Mon Aug 29, 2011
I think there is more to this than posted here. I wouldn't advise one of my clients to transfer funds to anyone other than an reputable escrow company. You should find a professional of your choice to assist you with this.... they'll help you without charge. Good luck.

Cameron Novak
The Homefinding Center
0 votes Thank Flag Link Mon Aug 29, 2011
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